Australia stocks fall more than 1%; Japan, South Korea markets closed

Abigail Ng

Australia stocks fell more than 1% on Monday morning on a quiet day in the region, with a few major markets closed.

The S&P/ASX 200 was 1.47% lower in early trade.

Markets in Japan, South Korea, Taiwan and Malaysia are closed for holidays Monday. Mainland China markets will return to trade after the Golden Week holiday.

Later this week, the Bank of Korea will be holding its policy-setting meeting, Singapore is set to announce its GDP estimate for the third quarter and China releases inflation data.

Taiwan Semiconductor Manufacturing Company and Japan’s Fast Retailing will report earnings and the U.S. will release inflation data for September.

On Friday in the U.S., major stock indexes dropped more than 2% after data showed the unemployment rate declined in September, sparking fear that the Federal Reserve would continue hiking rates aggressively.

Services activity in China contracted in September, private survey shows

The Caixin services purchasing managers’ index came in at 49.3 in September, according to a report published Saturday, a steep drop from 55 in August.

The 50-point mark separates growth from contraction. PMI readings compare activity from month to month.

The nation’s Covid curbs caused services activity in China to contract in September for the first time since May, the report said.

“Companies that reported reduced activity frequently commented that the pandemic and subsequent measures to contain the virus had restricted operations and weighed on demand in September,” the press release by Caixin said.

— Abigail Ng

Source : CNBC