Asia-Pacific markets opened mixed on Monday as investors weighed weak Chinese manufacturing data and rising expectations of a U.S. Federal Reserve rate cut later this month.

China’s private manufacturing PMI fell to 49.9 in November, signaling contraction, while official data showed continued weakness in both factories and services.

Hong Kong-listed firms exposed to digital assets dropped sharply after the People’s Bank of China issued warnings against illegal cryptocurrency activity.

Major indices in Japan, South Korea, Australia, and India mostly declined, with Japan’s Nikkei 225 falling 1.89%, CNBC has reported.

U.S. futures were relatively flat following a strong post-Thanksgiving session where the Nasdaq, S&P 500, and Dow all posted gains.