BANGKOK – Shares started the week higher in Asia, led by gains in China as monthly surveys showed improving conditions for manufacturing.
Oil prices rose and U.S. futures edged lower.
Surveys from both official and private sectors among factory managers have indicated a rise in new orders and export orders. This increase could be attributed, at least in part, to efforts made by importers in the U.S. to preempt potential tariff increases by President-elect Donald Trump following his inauguration.
Over the weekend, President-elect Donald Trump made a statement threatening to impose 100% tariffs on the nine nations forming the BRIC bloc if they take actions that could weaken the U.S. dollar. The BRIC nations consist of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Trump emphasized his desire for the bloc to commit to not introducing a new currency or engaging in activities that may devalue the U.S. dollar.
Stephen Innes from SPI Asset Management remarked on the current positive sentiment in Asia’s markets. This sentiment has been bolstered by the momentum gained from Wall Street’s recent record-breaking performance and further supported by indications that China’s economic challenges might be starting to improve.
He noted that investors are also anticipating further moves by authorities in China to boost the economy ahead of Trump’s inauguration next month.
Hong Kong’s Hang Seng gained 0.2% to 19,468.27, while the Shanghai Composite index jumped 1% to 3,360.38. Taiwan’s Taiex surged 2.4%.
In Tokyo, the Nikkei 225 index surged 0.7% to 38,482.47.
Automaker Nissan Motor Corp.’s shares fell 1% as reports said the company’s CFO, Stephen Ma, plans to step down as the company slashes jobs and production due to weakening sales in China and other markets.
In South Korea, the Kospi added 0.4% to 2,466.24, while Australia’s S&P/ASX 200 edged 0.1% to 8,440.00.
In Bangkok, the SET was nearly unchanged.
Friday’s half-day post-Thanksgiving session ended with the S&P 500 up 0.6% at 6,032.38, while the Dow Jones Industrial Average gained 0.4% to 44,910.65. The Nasdaq added 0.8% to 19,218.17.
Some retailers advanced as Black Friday unofficially kicked off the holiday shopping season, although retailers had been offering early deals for weeks. Macy’s and Best Buy each gained around 2%.
Tesla shares rose 3.7% Friday and posted a monthly increase of more than 38%. The electric vehicle maker is expected to benefit from CEO Elon Musk’s support of Trump.
Musk also gave a boost to Hasbro shares after he triggered takeover speculation when he asked in a post on X how much the toy and game company was worth. Hasbro, which owns the role-playing game Dungeon & Dragons, rose 2%.
Apple rose 1.1%. The technology giant is hoping recently added artificial intelligence features are enough to entice consumers to treat themselves or their relatives to a new iPhone for the holidays.
Bitcoin, which has been nudging toward $100,000, was trading at 96,911.32, according to Coin Desk.
In other dealings early Monday, U.S. benchmark crude oil gained 37 cents to $68.37 per barrel. Brent crude, the international standard, picked up 40 cents to $72.24 per barrel.
The U.S. dollar rose to 150.75 Japanese yen from 149.70 yen. The euro slipped to $1.0519 from $1.0589.
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