Asian markets mixed after S&P 500 ends worst year since 2008

BANGKOK (AP) — Shares began the year mixed on Monday, with most markets closed for New Year holidays.

This week brings employment data and minutes from the latest meeting of the Federal Reserve as it battles inflation. That will likely remain investors’ overarching concern as 2023 begins with persisting uncertainties over the war in Ukraine and over whether interest rate hikes meant to tame inflation might lead to recession.

South Korea’s Kospi fell 0.1% to 2,233.96 and the Sensex in Mumbai edged less than 0.1% higher, to 60,871.24. Jakarta's benchmark was lower.

The future for Germany’s DAX was down 0.5%.

U.S. stock markets will be closed Monday in observance of the New Year’s Day holiday.

Over the weekend, a report showed that Chinese manufacturing contracted for a third consecutive month in December, in the biggest drop since February 2020, as the country grapples with a nationwide COVID-19 surge after suddenly easing anti-epidemic measures.

A monthly purchasing managers’ index declined to 47.0 from 48.0 in November, according to data released from the National Bureau of Statistics on Saturday. Numbers below 50 indicate a contraction in activity.

China is in the process of removing strict COVID-19 policies that crimped production for raw materials and goods and discouraged travel. It's uncertain what impact the reopening will have on the global economy.

The minutes of the Fed's meeting potentially will give investors more insight into its next moves. The government will also release its November report on job openings Wednesday. That will be followed by a weekly update on unemployment on Thursday. The closely-watched monthly employment report is due Friday.

Wall Street is also waiting on corporate earnings reports, which will start flowing in around the middle of...