A survey of affluent Chinese released this month by consultancy Oliver Wyman found that 22% of respondents had a negative attitude toward the economy in the May survey. It just exceeds the 21% observed in October 2022, just before Beijing announced its intention to relax its strict zero Covid policy.
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Asia-Pacific markets were mixed as investors turned to private data on Chinese factory activity in January.
from Japan Nikkei 225 added 0.13%, while the Topix added 0.52%. South Korea’s Kospi fell more than 2.5%, while the small-cap Kosdaq lost as much as 3%.
Hong Kong Hang Seng Index futures were at 27,330, below the benchmark index’s last close of 27,387.11.
Australia S&P/ASX200 decreased by 0.57%.
Investors will continue to monitor gold and silver prices following Friday’s sharp rise. declines. Silver, which has more than doubled in the past 12 months, plunged about 30% last Friday, marking the metal’s worst daily performance since 1980. Gold also fell about 9%.
Spot gold last traded at $4,744 per ounce, while silver traded at around $80 per ounce.
Futures contracts linked to major US benchmarks fell in early Asia as Wall Street begins a new month of trading, with traders keeping an eye on bitcoin after a weekend sell-off.
Dow Jones Industrial Average Futures lost 143 points, or 0.3%. S&P 500 Futures Contracts fell 0.6%, while Nasdaq-100 Futures Contracts lost almost 1%.
Bitcoin fell below $80,000 for the first time since April, a sign that investors were foregoing more risk following the sharp decline. decline in gold and silver.
Bitcoin last traded around $76,700.
Last Friday, U.S. stocks fell as technology stocks remained in dire straits, even as investors largely approved of U.S. President Donald Trump’s choice of Kevin Warsh to lead the Federal Reserve.
However, the S&P500 posted a gain in January, despite Friday’s losses and this month’s trading volatility. The broad index fell 0.43% to end at 6,939.03, its third straight day of decline.
THE Dow Jones Industrial Average fell 0.36% to 48,892.47. The heavy on technology Nasdaq Composite underperformed, falling 0.94%, to end the day at 23,461.82. All three indexes fell more than 1% at session lows.
— CNBC’s Fred Imbert, Alex Harring, Lisa Kailai Han and Pia Singh contributed to this report.
