Asian markets started December on a cautious note, despite expectations that Europe and the United States could cut rates, potentially easing pressure on local currencies and central banks. Oil prices extended losses after OPEC+ producers' voluntary output cuts fell short of expectations. The broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, after a 7.3 percent gain in November. Japan's Nikkei was flat, having risen 8.5% in November, its best month in three years. Chinese bluechips fell 0.6% and Hong Kong's Hang Seng index fell 0.4%.
Purchasing managers' surveys showed mixed results across the region, with Japan's factory activity contracting at its fastest pace in nine months, South Korea holding steady and China's manufacturing back to expansion
The Federal Reserve's favorite gauge of inflation, the personal consumption expenditures (PCE) price index, was unchanged in October, while consumer spending eased. Eurozone inflation missed expectations by a wide margin, sending the euro tumbling and markets betting on rate cuts of around 110 basis points next year.
Traders are now watching Fed Chairman Jerome Powell's question-and-answer presentation on Friday, hoping for signs of an early and aggressive easing of US policy next year. Falling interest rates in Europe and the United States would benefit Asia by easing pressure on emerging market currencies and allowing Asian central banks to ease monetary policy.
The dollar index was near a five-session high against peers, drawing support from a sliding euro. US Treasuries fell after their best month since 2011. In the oil market, Brent crude futures fell, while US West Texas Intermediate futures also fell. Gold prices rose.
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