Asian markets struggle amid economic uncertainty

Asian stock markets struggled to maintain stability on Tuesday as investors awaited key economic data that could influence the Federal Reserve’s decision on interest rate cuts.

Japan’s Nikkei index declined by 0.1 per cent to 38,634.50, China’s Shanghai Composite Index fell by 0.52 per cent to 2,796.48, and Hong Kong’s Hang Seng Index also dropped by 0.51 per cent.

The negative market sentiment follows recent positive spending figures in the United States, which have reduced the likelihood of a significant rate cut.

The upcoming US ISM manufacturing survey and jobs data are expected to play a crucial role in the Fed’s decision-making.

Investor concerns regarding China’s economy continued to rise, with Citigroup economists expressing concerns about weak demand and the potential impact on growth targets.

Sanergy Group, a Hong Kong-listed company, experienced a dramatic 99 per cent collapse after the Securities and Futures Commission warned investors about its high concentration of shareholding.

Attribution: Investing.com

Subediting: M. S. Salama