Asia-Pacific markets opened December mostly in the red Monday as traders awaited fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month.
Traders are pricing in an 87.4% rate cut for the upcoming Fed meeting on Dec. 10, according to the CME FedWatch Tool.
Investors in Asia will be looking to China’s November manufacturing purchasing managers’ index from RatingDog, a private survey of mainly export-focused firms.
The gauge follows official data released Sunday showing China’s factory activity improving slightly in November, but remained in contraction for the eighth consecutive month. Services weakened as the lift from earlier holidays faded.
Japan’s benchmark Nikkei 225
