Asian stocks mixed amid weak China data after Wall Street closes the best week of 2024

Asian stocks are mixed with several key markets closed for a holiday, after U.S. stocks finished their best week of the year and climbed to the cusp of their records. Hong Kong’s Hang Seng dropped on Monday after data released over the weekend showed a slowdown in China’s economy in August. Markets in Japan, mainland China and South Korea were closed for a holiday. The S&P 500 rose 0.5% Friday and is just 0.7% below its all-time high. The Dow Jones Industrial Average jumped 0.7%, and the Nasdaq composite added 0.7%. Traders are rekindling hopes the Fed may deliver a bigger-than-usual cut to interest rates.