Asia-Pacific Markets Decline Amid US Economic Concerns

Asia-Pacific markets mostly declined on Monday following Wall Street’s steep losses last Friday.

US economic data pointed to a slowing economy and persistent inflation, prompting concerns among global investors.

Market Performance Across Asia:

• China: The CSI300 index fell 0.22% to close at 3,969.72.
• Hong Kong: The Hang Seng index dropped 0.58% to 23,341.61, retreating from its nearly three-year high in the previous session.
• India: The Nifty 50 declined 1.08%, while the BSE Sensex was down 1.03% as of 1:30 p.m. local time.
• South Korea: The Kospi slipped 0.35% to 2,645.27, with the small-cap Kosdaq closing 0.17% lower at 773.33.
• Australia: The S&P/ASX 200 rose 0.14% to 8,308.20, ending a five-day losing streak.
• Japan: Markets were closed for a public holiday.

Investor sentiment was impacted by the latest US economic data, which signaled ongoing inflation concerns and a potential economic slowdown. On Friday, US markets experienced significant declines:

• Dow Jones Industrial Average: Fell 1.69% (748.63 points) to 43,428.02.
• S&P 500: Dropped 1.71% to 6,013.13.
• Nasdaq Composite: Lost 2.2% to close at 19,524.01.

The downturn was fueled by reports indicating weaker-than-expected US business activity and rising inflation expectations, which raised concerns about future Federal Reserve policies.

Singapore’s inflation rate increased at its slowest pace since early 2021. Core inflation, which excludes accommodation and private transport costs, rose by 0.8% year-on-year in January, below market expectations of 1.5%. Headline inflation stood at 1.2%, marking its lowest level since February 2021.

Corporate Developments:

• Olam Group: Shares surged over 8% after announcing the sale of its remaining 64.57% stake in Olam Agri to Saudi Agriculture & Livestock Investment.
• Perpetual: The Australian asset management firm saw its shares decline 3.62% after terminating talks with KKR regarding the sale of its wealth management division.

Bloomberg, the Associated Press, and CNBC contributed to this report.