Asian stock markets mixed in first trading week of the year

Asia-Pacific markets had a mixed start to the first trading week of the year. Australia’s S&P/ASX 200 fell 1.42% in the first trading session of 2023. South Korea’s Kospi fell 0.38% after recouping some of its earlier losses – while the Kosdaq lost 1.05%. Hong Kong’s Hang Seng index rose 1.17%, while the mainland’s Shanghai Composite index added 0.57% and the Shenzhen Composite added 0.55%. The Caixin purchasing managers’ index showed a further decline in factory activity amid rising Covid infections. Meanwhile, the survey also showed business confidence around the 12-month outlook for manufacturing rose to its highest level since February. The Bank of Japan is reportedly considering trimming its January inflation forecast slightly closer to the central bank’s 2% target for fiscal 2023 and 2024, Nikkei reported over the weekend.