Japanese stocks concluded the trading day on a positive note following the Bank of Japan’s latest monetary policy decision. However, other markets across the Asia-Pacific region experienced declines due to an unexpected contraction in China’s manufacturing activity.
The Bank of Japan maintained its short-term lending rate and announced a more flexible approach to its yield curve control policy.
Meanwhile, China’s manufacturing purchasing manager’s index for October fell to 49.5, contrary to the 50.2 forecasted in a Reuters poll. A PMI reading below 50 indicates a contraction.
Japan’s Nikkei 225 managed to reverse earlier losses, ultimately closing 0.53% higher at 30,858.85. Similarly, the Topix index concluded 1.01% up at 2,253.72.
On the other hand, South Korea’s Kospi experienced a 1.41% decline, settling at 2,277.99, while the Kosdaq dropped by 2.78% to 736.10.
Hong Kong’s Hang Seng index faced a 1.69% dip during the final hour of trading, while mainland China’s CSI 300 index also ended on a downtrend, shedding 0.31% and ending a five-day winning streak at 3,572.5.
In Australia, the S&P/ASX 200 index managed to end the day with a 0.12% gain at 6,780.7, rebounding from its lowest point of the year.
Meanwhile, U.S. stocks witnessed a rally on Monday, with the S&P 500 exiting the correction territory, setting the tone for a crucial week marked by the Federal Reserve rate decision, employment report, and Apple‘s earnings.
The Dow Jones Industrial Average saw a significant gain of 1.58%, marking its most substantial increase since June 2.
The S&P 500 recorded a 1.2% jump, its most robust performance since late August, while the Nasdaq Composite rose by 1.16%.
