BANGKOK (AP) Asia’s shares began the week higher, with China leading the way as monthly surveys indicated that factory conditions were improving.
U.S. futures slightly declined while oil prices increased.
Surveys of factory managers in the public and private sectors revealed robust export and new orders, which may be partially related to American importers’ attempts to thwart prospective tariff increases by President-elect Donald Trump when he assumes office.
President-elect Donald Trump threatened to impose 100% tariffs on the nine countries that make up the so-called BRIC group on Saturday if they did anything to weaken the value of the US currency. Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates are the countries that make up the BRICs. Trump stated that he wants the bloc to pledge not to try to undercut the US dollar in any way, including by issuing a new currency.
According to a statement by Stephen Innes of SPI Asset Management, Asia’s markets are experiencing a surge of optimism, helped along by a big tailwind from Wall Street’s historic day on Friday and further supported by new indications that China’s economic woes may be abating.
FILE – People walk past the New York Stock Exchange on Tuesday, Nov. 26 2024. (AP Photo/Peter Morgan, File)
Associated Press/Peter Morgan photo
Ahead of Trump’s inauguration next month, he said, investors are also expecting more actions from Chinese officials to stimulate the economy.
The Shanghai Composite index surged 1% to 3,360.38, while Hong Kong’s Hang Seng rose 0.2% to 19,468.27. Taiex of Taiwan rose 2.4%.
The Nikkei 225 index in Tokyo rose 0.7% to 38,482.47.
Shares of automaker Nissan Motor Corp. dropped 1% after it was reported that Stephen Ma, the firm’s CFO, would resign as the company reduces production and employment as a result of declining sales in China and other areas.
Australia’s S&P/ASX 200 moved up 0.1% to 8,440.00, while South Korea’s Kospi increased 0.4% to 2,466.24.
The SET was almost the same in Bangkok.
The S&P 500 was up 0.6% at 6,032.38 at the close of Friday’s half-day post-Thanksgiving session, while the Dow Jones Industrial Average was up 0.4% at 44,910.65. The Nasdaq rose to 19,218.17, up 0.8%.
Even though merchants had been providing early offers for weeks, certain retailers made headway as Black Friday unofficially marked the beginning of the holiday shopping season. Best Buy and Macy’s both had gains of about 2%.
Tesla’s stock increased 3.7% on Friday, marking a more than 38% monthly gain. Elon Musk’s backing of Trump is anticipated to help the electric car manufacturer.
Musk also increased the value of Hasbro’s stock after he sparked rumors of an acquisition by inquiring about the value of the toy and game company in a post on X. Dungeon & Dragons’ parent company, Hasbro, saw a 2% increase.
Apple had a 1.1% increase. 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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