Asian stocks were largely subdued as China's manufacturing PMI disappointed, slipping to 50.6 in October and reinforcing concerns about sluggish demand, which saw the CSI 300 decline 0.4%. Conversely, South Korea's KOSPI surged over 2% to a record high, propelled by strong exports, including a 25.4% jump in semiconductor shipments, boosting major chipmakers. Meanwhile, markets anticipate the Reserve Bank of Australia's policy decision, where the central bank is expected to maintain its cash rate at 3.6% amid persistent inflationary pressures, with recent CPI data exceeding forecasts and tempering expectations for early rate cuts.
China's manufacturing sector showed signs of continued deceleration, with the private RatingDog PMI slipping to 50.6 in October from 51.2, missing forecasts of 50.7. This modest expansion reinforces concerns about sluggish domestic and international demand, leading to a 0.4% decline in the Shanghai Shenzhen CSI 300. Conversely, South Korea emerged as a regional bright spot, with the KOSPI surging over 2% to a new record high of 4198.97 points. This rally was fueled by robust October exports, which rose 3.6% year-over-year, significantly beating expectations, and a substantial 25.4% increase in semiconductor shipments. Major chipmakers like SK Hynix and Samsung Electronics saw gains of over 7% and 2% respectively. In Australia, the Reserve Bank of Australia is widely expected to maintain its cash rate at 3.6% amid persistent inflationary pressures. The Q3 CPI rose 3.2% year-over-year, exceeding the RBA's 2-3% target, tempering hopes for early rate cuts and suggesting a longer period of policy restraint. Westpac Banking Corp shares rose over 2% after reporting annual profit above analyst estimates despite a slight fall.
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