Asian Markets Mixed Amid Strong Chinese Factory Data and Rising US Tariffs
Asian stocks fluctuated despite encouraging Chinese factory data, as sharply higher US tariffs on Chinese imports are set to take effect on Tuesday.
In Hong Kong, shares of Chinese bubble tea chain Mixue Bingcheng surged 43% following its $444 million (£352 million) IPO. Local reports indicated it set a record for subscriptions, surpassing 1 trillion Hong Kong dollars (£102 billion). The company claims to be the world’s largest food retail chain, boasting over 45,000 outlets.
Despite the strong debut, Hong Kong’s Hang Seng dipped 0.2% to 22,898.55, while the Shanghai Composite Index declined 0.3% to 3,310.52.
Elsewhere in Asia, Tokyo’s Nikkei 225 climbed 1.7% to 37,785.47. Australia’s S&P/ASX 200 gained 0.9% to 8,245.70, while Taiwan’s Taiex dropped 1.3% and Thailand’s SET fell 0.8%. South Korean markets were closed for a holiday.
Surveys of Chinese factory managers showed signs of improvement in February, with new orders rising—potentially as companies rushed to beat the impending US tariff hikes. The Biden administration has raised import duties on Chinese goods to 20%, effective Tuesday.
Meanwhile, China is reportedly considering retaliatory measures, including increased tariffs on US agricultural exports, according to the Communist Party newspaper Global Times.
On Wall Street, markets ended last week on a high note. The S&P 500 jumped 1.6%, the Dow Jones Industrial Average rose 1.4%, and the Nasdaq Composite gained 1.6% to close at 18,847.28.
