Nikkei 225 set to drop, China PMI on tap

September 29

A cycler passes the entrance to the Tokyo Stock Exchange (TSE) headquarters building in the Nihonbashi area of Tokyo on May 2, 2024.

Richard A. Brooks | Afp | Getty Images

Japan’s Nikkei was set to over plunge 6% Monday while broader Asia markets were on course for a mixed open ahead of key economic data from China and Japan.

The futures contract in Osaka was trading at 37,440 compared to the previous close of 39,038.16. Chicago contract was at 38,115.

Should the Osaka futures prove accurate, the Nikkei could be looking at a plunge of 6.38%, compared to its last close.

Retail sales data will also be released from Japan for August, with a Reuters poll expecting a 2.3% rise year on year, down from a revised 2.7%.

Separately, China will release its official purchasing managers’ index numbers for September, with economists polled by Reuters expecting the manufacturing PMI to come in at 49.5, a softer contraction compared to August’s 49.1.

The Caixin PMI survey, which is a private survey compiled by S&P Global, will also be released Monday.

Australia’s S&P/ASX 200 stood at 8,277, slightly higher than its last close of 8,212.2. At this level, the index will breach its all-time high of 8,246.2.

Hong Kong’s Hang Seng index futures were at 20,910, lower than the HSI’s last close of 20,632.30.

Overnight in the U.S., the Dow Jones Industrial Average rose to a new high on Friday as traders assessed fresh data that showed to more progress on reining in inflation.

The 30-stock Dow added 0.33%, ending at 42,313.00. The S&P 500 ticked down 0.13%, while the Nasdaq Composite lost 0.39%.

This comes as traders assess encouraging August inflation data, which saw the personal consumption expenditures price index — the Federal Reserve’s favored measure of inflation — increasing 0.1%, matching expectations from economists polled by Dow Jones.

PCE climbed at an annualized pace of 2.2%, below the 2.3% forecast.

—CNBC’s Brian Evans and Pia Singh contributed to this report.

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