Asia markets set for mixed open as investors await data; Japan to return from holiday

Asia-Pacific markets are expected to have a mixed session, with Japan returning from a long weekend and China shares aiming to continue their winning streak. Economic data, including China’s manufacturing purchasing managers’ index and the U.S. personal consumption expenditures price index data, will be in focus. China’s CSI 300 index saw gains for nine consecutive days, while Japan’s Nikkei 225 closed at a new all-time high. The futures contracts for the Nikkei 225 and Hang Seng index indicated gains, while Australia’s S&P/ASX 200 rose. Wall Street’s main indexes reached record highs at the end of the week.

Jamie Dimon, CEO of JPMorgan Chase, sold around 800,000 shares of the bank, generating approximately $150 million. The sale was part of a planned stock selling program for corporate executives. Dimon still retains ownership of about 7.7 million shares of JPMorgan Chase.

A wealth manager from UBS Private Wealth Management advised investors to “buy the dip” in big tech stocks. He believes that market volatility should be utilized as an opportunity to invest in the tech sector, pointing out the potential benefits of the artificial intelligence theme and the strong financial positions of many big tech firms. However, he also predicts a broader market rally in 2024.