US Market Opens Modestly Higher Amid Mixed Chinese Economic Data

The US market re-opened on a modestly higher note, with the Nasdaq FUTs opening at +0.1% and the S&P 500 FUTs also opening at +0.1%. The Shanghai Composite was down -0.1%, while Hong Kong's Hang Seng was up +0.1%. China's August economic data showed mixed results, with fixed-asset urban investments contracting by -7.2% and property investment plummeting by -19.9% year-to-date.

New home prices eased only slightly by -0.1% month-on-month, while the surveyed jobless rate edged up to +5.3%. Retail sales and FAI remained drags on the Chinese economy, but industrial production rebounded more than expected at 6.1%, with high-tech manufacturing growing by 16.7%.

Oil prices remain elevated due to concerns about the Strait of Hormuz, with US WTI Crude FUTs opening at +0.1% and global benchmark Brent Crude Oil FUTs opening at +0.4%. China's AI Safety Governance Framework 3.0 was released to address emerging risks in the field.