A view of Singapore’s horizon and Marina Bay.
Fraser Hall|The Image Bank|Getty Images
Asia-Pacific markets were mainly lower Monday at the start of the penultimate week of 2023, while South Korean shares bucked the pattern as defense stocks led gains.
Most Asia-Pacific markets rallied recently following the U.S. Federal Reserve’s choice to hold rates and its roadmap for rate cuts in 2024 and 2025.
The Bank of Japan will fulfill for the last time this year. A note from Dutch bank ING stated it anticipates the BOJ to keep all its significant policy settings, “though the overall tone about future policy at the press conference and statement could start to soften.”
A Reuters survey of financial experts likewise anticipates the BOJ to keep its benchmark rates of interest at -0.1%.
Separately, China will launch its loan prime rates on Wednesday, while inflation information from Japan is due Friday.
In Australia, the S&P/ ASX 200 closed 0.22% lower at 7,42640, snapping a six-day winning streak.
Japan’s Nikkei 225 dropped 0.64% to end at 32,75898, while the Topix fell 0.66% to 2,31686
South Korea’s Kospi reversed earlier decreases to close 0.13% greater at 2,56686; the small-cap Kosdaq increased 1.51% to end at 850.96
Shares of defense business were broadly greater. Korea Aerospace Industries’ stock and Hyundai Rotem were up about 1% each, however shares of Hanhwa Aerospace dipped.
Hong Kong’s Hang Seng index stopped by about 1% throughout its last hour of trading, while the mainland Chinese CSI 300 inched lower by 0.36% to notch a four-day losing streak and struck fresh four-year lows.
On Friday in the U.S., markets ended blended, and with the Dow Jones Industrial Average up 0.2% and setting a brand-new intraday record and the Nasdaq Composite 0.4% greater. The Nasdaq-100 ended Friday at 16,62345, topping a record close going back to November 2021.
In contrast, the S&P500 slipped partially, however still logged gains for a seventh straight week to mark its longest winning streak given that 2017.
— CNBC’s Brian Evans and Alex Harring added to this report.
