A man walks along The Bund as Typhoon Bebinca passes in Shanghai on September 16, 2024. The strongest storm to hit Shanghai in more than 70 years made landfall on September 16, state media reported, causing flight cancellations and highway closures as Typhoon Bebinca battered the city with strong winds and heavy rain.
Hector Retamal | AFP | Getty Images
Asian markets opened mixed on Monday, with Hong Kong shares falling as investors assessed negative economic data from China, while many major markets were closed for holidays.
Hong Kong Hang Seng Index U.S. stocks fell 0.76% at the open after China released a series of worrying economic data over the weekend, with August industrial production, retail sales and investment figures missing expectations. The urban unemployment rate rose to a six-month high, while year-over-year home prices fell at their fastest pace in nine years.
Investors are also awaiting the Federal Reserve's monetary policy meeting on Tuesday and Wednesday, where central bankers are expected to deliver their first interest rate cut since 2020.
Australia's S&P/ASX 200 index rose 0.44% at the open. Taiwan Weighted Index It went up a little.
Markets in China and South Korea were closed for the Mid-Autumn Festival. Markets in Japan were closed for Respect for the Aged Day.
Typhoon Bebinca has cancelled hundreds of flights in China, and Shanghai is set to be hit by the strongest storm since 1949.
Asian investors are also awaiting a set of key data and central bank decisions in the region.
Japan's inflation rate is expected to rise in August, according to a Reuters poll, supporting the Bank of Japan's hawkish stance when its board sets policy on Friday.
The central bank is expected to keep interest rates unchanged, indicating the possibility of raising interest rates again.
The Japanese yen rose on Monday morning to trade at 140.49 against the US dollar. If the yen maintains these levels, it will close at its strongest level in more than a year.
China is set to set its benchmark interest rates on one- and five-year loans on Friday. The one-year rate, which affects most new and maturing loans, is currently 3.35%, while the five-year rate, which influences mortgage pricing, is currently 3.85%.
