HONG KONG — Asian stocks began the week with modest gains after U.S. stocks endedup their finest week of the year, approaching record levels.
Hong Kong’s Hang Seng swung inbetween gains and losses throughout the day and closed less than 0.1% greater at 17,371.36 after information launched over the weekend revealed China’s economy slowed evenmore in August. Factory output, retail sales, and financialinvestment stoppedworking to fulfill expectations. Meanwhile, the joblessness rate suddenly rose to a six-month high, including evenmore difficulties.
“The drums of a deepening financial downturn are pounding louder, and it’s time for China’s management to choose whether to action up or danger moving evenmore into stagnancy,” Stephen Innes of SPI Asset Management stated in a commentary.
Australia’s S&P/ASX 200 included 0.3% to 8,121.60.
Markets in Japan, mainland China and South Korea were closed for vacations.
Investors will be carefully seeing the Federal Reserve’s policy conference on Tuesday and Wednesday, when the main bank is anticipated to reveal its veryfirst interest rate cut because2020 The Bank of Japan’s policy conference on Thursday and Friday is anticipated to leave Japan’s rate thesame.
In currency trading, the Japanese yen reinforced versus the greenback, with the dollar falling to 139.75 yen from 140.82 yen. The euro expense $1.1115, inching up from $1.1076.
U.S. futures dropped while oil rates were greater.
On Friday, the S&P 500 increased 0.5% to 5,626.02 for a 5th straight gain. It is simply 0.7% listedbelow its all-time high set in Jul