Asia markets dip as investors look ahead to China GDP, Japan inflation data

Asia-Pacific markets started the week on soft footing as investors look ahead to key economic data from China and Japan this week.

The People's Bank of China left its one-year medium-term lending facility rate unchanged at 2.50%, as expected.Japan's September inflation data is expected on Friday, which will come ahead of the country's central bank's monetary policy meeting on Oct. 30 and 31. December gold futures contracts closed 3.11% higher Friday, turning in the strongest one-day advance since Dec. 2022, and rising above their 50- and 200-day moving averages for the first since Sept. 20. Gold's weekly 5.22% gain was the most since mid-March, and left the precious metal 6.31% higher on the year.

Among soft commodities, orange juice closed at a record, with November futures rising 0.17% to $3.859 per pound, posting a sixth straight week of gains. Orange juice is higher by 90.25% in 2023.Consumer sentiment slumped in October while inflation expectations spiked, according to the University of Michigan's closely watched survey.

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