China leads Asia market declines as property stocks plunge; Japan service inflation heats up

This is CNBC's live blog covering Asia-Pacific markets.

Tiananmen, Gate of Heavenly Peace, Beijing
Bjdlzx | E+ | Getty Images

Asia-Pacific stocks fell on Monday as the Chinese market dropped due to a decline in property firms, while Japan's service inflation surged to a 45-month high.

Data showed Japan's service PPI rose 2.3% in October to its highest level since January 2020 and more than the prior month's reading of 2%.

On Monday, China's industrial profits continued to shrink in November, but at its slowest pace in almost a year, according to data released by the government.

The world's second largest economy will release its official factory activity figures for November on Thursday, while the Caixin survey for the same metric will be out on Friday.

Australia will release its October inflation figures on Wednesday, which will offer clues to its central bank's policy moves. India's gross domestic product numbers for the three months ended September will be released late Thursday.

Hong Kong's Hang Seng index pared much of its falls by the final hour of trading to dip 0.12%, while mainland Chinese markets closed in negative territory, with the CSI 300 index falling 0.74% to 3,511.94.

In Australia, the S&P/ASX 200 closed 0.76% lower at 6,987.60.

Japan's Nikkei 225 also slipped 0.53%, closing at 33,447.67 and moving away from its 33-year high of 33,753.33 on July 3. The Topix, meanwhile, shed 0.38%, ending the day at 2,381.76.

South Korea's Kospi dipped marginally to end at 2,495.66, while the small-cap Kosdaq was down 0.58% at 810.25

On Friday in the U.S., the three major indexes were mixed in a shortened trading session.

The 30-stock Dow rose 0.33% while the S&P 500 ticked higher by 0.06%. However, the tech heavy Nasdaq Composite fell 0.11%.

Major retail shares rose slightly as Black Friday kicked off the holiday shopping season. Walmart and Target rose 0.9% and 0.74%, respectively, while Amazon ticked higher by 0.02%.

— CNBC's Hakyung Kim and Fred Imbert contributed to this report.

Beijing exchange asks major shareholders of listed companies to not reduce stakes: Reuters

The Beijing Stock Exchange has asked major shareholders of listed companies not to reduce holdings even if they are eligible to do so, Reuters reported.

Citing people familiar with the matter, Reuters said this was due to fears that such moves could "dull market excitement."

According to LSEG data, the Beijing Stock Exchange 50 Index has largely been on an uptrend since October, registering a one month gain of 44.72% and three month gain of 44.75%.

These gains were due to stocks rising on the back of supportive measures, Reuters reported.

The Beijing exchange and the China Securities Regulatory Commission did not immediately reply to Reuters' requests for comment.

— Lim Hui Jie, Reuters

China property stocks slide amid Zhongzhi probe

Hong Kong-listed China property stocks slid on Monday, leading declines among other sectors on Monday.

Shares of property developers including Logan Group, China Vanke, Sunac and Longfor Group fell between 4% and 8%.

The Hang Seng Mainland Properties index, housing real estate firms, dropped 3.51%.

It was reported over the weekend that Beijing police was investigating debt-laded Chinese shadow bank Zhongzhi Enterprise Group.

Zhongzhi last week declared insolvency in a letter to its investors.  

China's CSI 300 index fell 1.19%, leading declines among major Asia markets.

Jefferies discusses China's probe into shadow bank Zhongzhi
Jefferies discusses China's probe into shadow bank Zhongzhi

— Shreyashi Sanyal

China Jan-Oct industrial profits fall at their slowest pace in nearly one year

Workers assemble at a workshop of an equipment manufacturing enterprise in Yunmenshan Street, Qingzhou city, East China's Shandong province, Aug. 9, 2023.
Costfoto | Nurphoto | Getty Images

China's industrial profit continued to decline in November, but at its slowest pace in almost a year, according to government data.

The reading showed profits at industrial enterprises in China decreased 7.8% in the January-to-October period from a year earlier, declining at the slowest pace since December 2022.

The drop was smaller than the 9% decline recorded in September.

Data highlights China's uneven post-pandemic recovery and the need for more stimulus to boost market confidence.

China's CSI 300 index fell 0.75%, minutes after the open following the data release.

– Shreyashi Sanyal

Sumitomo Mitsui Financial Group CEO Jun Ohta dies at 65

Jun Ohta, group CEO of Sumitomo Mitsui Financial Group, passed away on Saturday at the age of 65, the Japanese financial conglomerate said.

SMFG announced on Monday that deputy president Toru Nakashima will take over Ohta's duties for the time being.

The company also added that it would be selecting a successor, and will announce the decision "in a timely manner."

Stock Chart IconStock chart icon
hide content

— Lim Hui Jie

Japan service inflation accelerates to 45-month high in October

Japan's services inflation rate hit a 45-month high in October, coming in at 2.3% compared with last month's revised rate of 2%.

The last time the services inflation rate hit this level was in January 2020, also recorded at 2.3%.

Last week, headline inflation in Japan rose to 3.3%, while core inflation — which strips out prices of fresh food — came in at 3%.

— Lim Hui Jie

CNBC Pro: Portfolio manager explains why he has the ‘most conviction’ in this China tech stock

Chinese tech players like Baidu, Alibaba and Tencent