South Korea’s Kospiโข index surged โto a new record high Monday, rising 1.15% to closeโ at 2,736.79. The advance marks the index’s highest close ever, fueled by strong investor sentiment amid ongoing U.S.-China trade talks andโฃ anticipation of potential interest rate cuts by the Federal Reserve.
Elsewhere in Asia-Pacific markets, trading was mixed as investors monitored the U.S.-China discussions in Spain and analyzedโ recent economic data from Beijing. U.S. โฃand Chinese officialsโ began talks in โMadrid Sunday to discuss keyโค national security, โeconomic, and trade issues, including the upcoming deadline to โคdivest Chinese short video app TikTok and U.S. โtariffs. Delegationsโ led by U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with their counterparts, Chinese Vice Premierโ He Lifengโข and China’s top trade negotiator, Li Chenggang.
Hong Kong’sโฃ Hang โฃSeng Index moved upโ 0.16% at the open, while the Hang Seng Tech indexโข rose 0.27%. China’s CSI 300 index advanced 0.59% โคin early trade, despite data showing the mainland’s economy slowed in August as retail sales and industrial output missed expectations. Realโค estate investment continued to contract, slumping โ12.9% in the first eight โฃmonths, according to government data.Australia’sโ ASX/S&P 200 fellโ 0.34%. Japaneseโ and Malaysian markets were closed for a holiday.
U.S. equity futures were littleโ changed inโค early Asian hours as investors โขbrace for a Federal Reserve meeting this week, hoping โฃfor interest rate cuts when the โmeeting concludes Wednesday. On Friday, the Nasdaq Composite closed at aโฃ fresh record high, securing its second winning week in a row with a 2% advance. โThe S&P 500 gained 1.6% week to date,posting its bestโค weekly performance since early August. The โขDow posted itsโ first positive week in three after climbing 1% during the period. thes gains followed โeconomic data indicating a weakening labor market and tame inflation, bolstering expectations of โfed rate cuts.