01/09/2025
01/09/2025

BANGKOK, Sept 1, (AP): Shares were mixed in Asia on Monday, with markets in China gaining after surveys showed a slight improvement in Chinese factory data, suggesting manufacturing is holding up despite higher US tariffs. Investors were awaiting further developments after the US Court of Appeals for the Federal Circuit ruled Friday that US President Donald Trump went too far when he declared national emergencies to justify imposing sweeping import taxes on almost every country on earth.
Hong Kong’s Hang Seng jumped 2% to 25,571.91, while the Shanghai Composite index added 0.3% to 3,869.62 in sluggish trading. A government survey showed China’s factory activity improved marginally in August, with the purchasing managers index issued by the National Statistics Bureau rising to 49.4 from 49.3 in July. The survey is on a scale of 0 to 100 where 50 marks the cutoff for expansion.
Another, private sector survey called the RatingDog China General Manufacturing PMI showed the general PMI at 50.5 last month, up from 49.4 in July. Averaging the two surveys yields a PMI of 49.9, suggesting some resilience in the manufacturing sector, Zichun Huang of Capital Economics said in a commentary.
China and the US are still negotiating over a broad trade agreement that will influence how much import duty companies and consumers will pay on goods shipped to the US. "The PMIs suggest that China’s economy accelerated last month, thanks to faster growth across manufacturing and services. But we don’t see much upside over the rest of the year,” Huang said.
Japan’s Nikkei 225 index fell 1.5% to 42,101.37, while the Kospi in South Korea shed 1.4% to 3,140.61. Shares also fell in Australia, with the S&P/ASX 200 losing 0.5% to 8,924.70. Taiwan's benchmark lost 0.7% while New Zealand's gained 0.5%. Shares fell 0.7% in Jakarta after Indonesia’s president, Prabowo Subianto, pledged Sunday to revoke lawmakers’ perks and privileges, to try to ease public fury after nationwide protests left six people dead.
It was a rare concession in response to mounting public anger. US markets will be closed on Monday for the Labor Day holiday. On Friday, Wall Street closed out another winning month though benchmarks ended below their latest all-time highs. The S&P 500 fell 0.6% a day after climbing to a record high, ending the week at 6,460.26. The benchmark index ended August with a 1.9% gain, its fourth straight month of gains. It’s now up 9.8% so far this year.