A currency dealer, wearing a mask to avoid the spread of the coronavirus disease (COVID-19), works in front of electronic boards showing the Korea Composite Stock Price Index (KOSPI) at a bank in Seoul, South Korea, September 10, 2020.
Kim Hong Ji | Reuters
South Korea’s Kospi index rose in early trade to a record high of 3,420.23 on Monday, marking its 10th straight session of gains, after Finance Minister Koo Yun-cheol said that the government will scrap its previous plan to raise taxes on stock investments. The index subsequently closed 0.35% higher at 3,407.31.
The small-cap Kosdaq gained 0.66% to close the trading day at 852.69.
Elsewhere, Asia-Pacific markets traded mixed as investors kept an eye on the talks between the U.S. and China in Spain, and assessed a slate of data from Beijing.
U.S. and Chinese officials began talks in Madrid Sunday to discuss key national security, economic, and trade issues, including the upcoming deadline to divest Chinese short video app TikTok and U.S. tariffs.
Delegations led by U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer met with their counterparts, Chinese Vice Premier He Lifeng and China’s top trade negotiator, Li Chenggang.
Hong Kong’s Hang Seng Index moved up 0.23%, while the Hang Seng Tech index rose 0.27%.
China’s CSI 300 index advanced 0.24% to close at 4,533.06. The mainland’s economy slowed in August as retail sales and industrial output missed expectations. The contraction in real estate investment worsened, slumping 12.9% in the first eight months, government data showed.
Australia’s ASX/S&P 200 fell 0.13% to end the day at 8,853.
Japanese and Malaysian markets were closed for a holiday.
U.S. equity futures were little changed in early Asian hours as investors brace for a Federal Reserve meeting this week, in hopes that the central bank will cut interest rates when it concludes its meeting Wednesday stateside.
On Friday stateside, the Nasdaq Composite closed at a fresh record high, securing its second winning week in a row with its 2% advance in the period. The S&P 500 gained 1.6% week to date, posting its best weekly performance since early August. The Dow posted its firstpositive week in three after seeing a week-to-date climb of 1%.
The strong gains come after the latest economic data showing a weakening labor market and tame inflation spurred Fed rate-cut hopes.
— CNBC’s Sarah Min contributed to this report.
