Asian Shares Mixed As China Woes Offset US Inflation Cheer

(RTTNews) - Asian stocks ended mostly higher on Monday even as Chinese and Hong Kong markets fell on economic concerns.

The dollar eased in Asian trading after hitting its highest level in nearly two weeks. Gold dipped below $2,500 per ounce while oil consolidated at lower levels ahead of an OPEC+ decision on output increase in the coming days.

China's Shanghai Composite index fell 1.10 percent to 2,811.04 as mixed factory activity indicators raised new questions about efforts to stimulate the world's second-largest economy.

An official survey showed, China's factory activity hit a six-month low in August. A private survey manufacturing activity swung back to growth in August but deterioration in external demand led to new export orders falling for the first time in eight months and at the fastest pace since November 2023.

China Vanke shares plunged 5 percent after the property developer reported its first interim loss in two decades.

Hong Kong's Hang Seng index tumbled 1.65 percent to 17,691.97 after New World Development Co., a major property developer, said it expects to post its first annual loss in two decades. Shares of the company plummeted 13 percent.

Japanese markets ended a choppy session slightly higher as data showed Japan's manufacturing activity moved closer to stabilization in August and businesses boosted investment in the second quarter of the year.

The Nikkei average edged up 0.14 percent to 38,700.87 while the broader Topix index settled 0.12 percent higher at 2,715.99.

A weaker yen lifted automakers, with Nissan Motor, Toyota and Honda Motor rising between half a percent and 1.4 percent.

Seoul stocks eked out modest gains as a survey revealed South Korea's factory activity growth quickened in August. The Kospi average inched up 0.25 percent to 2,681.

Australian markets closed on a positive note after manufacturing PMI ticked higher in August. The benchmark S&P/ASX 200 rose 0.22 percent to 8,109.90 while the broader All Ordinaries index settled 0.17 percent higher at 8,330.80.

Banks topped the gainers list, with Commonwealth Bank rising 1.6 percent after it emerged as a substantial holder in Steadfast Group Ltd, with a total voting power of 5.09 percent.

ANZ, NAB and Westpac rose between 0.9 and 1.3 percent. Mining heavyweights BHP and Rio Tinto fell over 1 percent amid tumbling metal prices.

REA Group shares fell 5.3 percent after the online real estate platform confirmed it is mulling a bid for U.K.-listed Rightmove.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 0.87 percent to 12,555.52.

U.S. stocks rallied on Friday as recession fears eased and the Personal Consumption Expenditures index showed prices increased in line with expectations in July -adding to bets the Fed is on track for a policy pivot in September.

Data showed the Federal Reserve's preferred inflation gauge ticked up on a monthly basis from 0.1 percent in June to 0.2 percent in July. On an annual basis, the index held steady at 2.5 percent.

The Dow rose 0.6 percent to reach a new record closing high while the S&P 500 added 1 percent and the tech-heavy Nasdaq Composite surged 1.1 percent.