China's new home prices show signs of recovery in November
- China's new homes saw a price increase of 2.4% year-on-year in November, signaling a possible recovery in the sector.
- Japan's Nikkei 225 gained 0.8% and the S&P 500 reached new peaks amid a strong month for U.S. stocks.
- The overall economic situation in Asia-Pacific shows resilience, potentially leading to further growth in early 2025.
In recent weeks, markets across the Asia-Pacific region saw a mostly positive trend as investors awaited significant economic readings expected from major Asian economies. In Japan, the Nikkei 225 index increased by 0.8%, closing at 38,513.02, and the Topix index rose by 1.27% to 2,714.72. Meanwhile, China's new home price growth accelerated, recording a year-on-year increase of 2.4% in November, indicating a potential stabilization in the struggling property sector. In contrast, China's October official manufacturing Purchasing Managers’ Index (PMI) barely changed, reported at 50.1, and the non-manufacturing PMI fell slightly to 50.0. Additionally, China's exports in November experienced a 1.4% growth year-on-year, falling short of predictions for a 2.8% increase. Apart from economic shifts in China, the U.S. markets marked new highs, with the S&P 500 seeing significant gains throughout November, driven by positive inflation data. The Dow Jones Industrial Average has risen considerably, reflecting a strong performance in U.S. shares with no corrections observed in 2024 thus far. This trend has underscored the resilience and potential rebound of major economies across the region as they respond to dynamic global market conditions.