The markets in Asia and the Pacific were mixed on Monday as investors awaited the release of China’s factory activity data and anticipated the U.S. Fed meeting later this week.
As of 9.28 A.M. (Thai time), Hong Kong’s Hang Seng index dropped 0.30%. In mainland China, the Shanghai Composite fell 0.88%.
The Nikkei 225 rose 1.58%. South Korea’s Kospi added 1.01%.
In Australia, the S&P/ASX 200 increased 0.61%.
On Monday, the National Bureau of Statistics in China is anticipated to reveal the data of its Purchasing Managers’ Index survey, with a reading of 50 being the consensus forecast among analysts.
The Federal Reserve is scheduled to hold a policy meeting and announce its interest rate decision later this week.
Major U.S. market indexes rose by almost 2% on Friday on hopes that inflation is beginning to cool.
Goldman Sachs economists have revised upward their projection that the Federal Reserve will raise rates by 75 basis points at its forthcoming meeting this week, to a top of 5%.
In a note published on Saturday, economists at Goldman said they were raising their projections by 25 basis points – now calling for a 50 bps hike in December, a 25 bps hike in February, and another 25 bps hike in March.
“Inflation is likely to remain uncomfortably high for a while, which could make continuing to hike in small increments the path of least resistance,” the note said.