Asian stock markets mostly down as US data reinforces view Fed to reduce stimulus Nov 11th

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KUALA LUMPUR, Malaysia – Asian stock markets made a lacklustre start to the week after unexpectedly strong U.S. economic growth and hiring reinforced expectations that the Federal Reserve will start cutting back stimulus soon. Stocks in Manila sank after a typhoon devastated the eastern Philippines, killing thousands of people.
Investors were also waiting to see if China’s communist leaders, who started a four-day meeting in Beijing on Saturday, would announce reform plans to bolster the world’s No. 2 economy as it comes under pressure from industrial overcapacity, high debt and surging house prices.
Hong Kong’s Hang Seng inched up 0.1 per cent Monday to 22,773.73 while China’s Shanghai Composite fell 0.2 per cent to 2,102.79. Seoul’s Kospi dropped 0.3 per cent to 1,979.55 and Australia’s S&P/ASX 200 shed 0.5 per cent to 5,376.30. Japan’s Nikkei 225 bucked the trend, rising 1 per cent to 14,256.80.
The PSE Composite in Manila sank 1.8 per cent to 6,239…

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