Asian Markets Mostly Up As Traders Assess Mixed Chinese PMI And Regional Economic Data
In today’s trading, Asian markets positively began the second half of the year as investors assessed mixed Chinese PMI data. Confidence among large Japanese manufacturing firms also rose to a two-year high in Q2, signaling an improving economic outlook.
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Japan’s Nikkei 225 was up by 0.1% to 39,631.06 following a quarterly survey by the Bank of Japan, known as the “tankan,” which indicated a modest improvement in confidence among its largest manufacturers for April-June.
The consumer confidence index in Japan rose to 36.4 in June 2024 from May’s six-month low of 36.2, but it fell short of market forecasts of 36.5. The au Jibun Bank Japan Manufacturing PMI was revised to 50 in June 2024 from a preliminary reading of 50.1 and 50.4 in May.
However, the government revised its estimate for first-quarter growth downward, to an annual rate of minus 2.9% from the previous figures of -1.8%
Mainland Chinese stocks struggle to gain traction as investors react to mixed business activity reports. The Shanghai Composite rose 0.9% to 2,994.73 after a weekend survey of factory purchasing managers revealed that conditions remained in contraction for the second consecutive month.
China’s official report indicated a second consecutive month of manufacturing contraction in June, with a PMI of 49.5. The services sector remained in expansion but slowed to a six-month low.
In contrast, a private survey revealed that the Caixin Manufacturing PMI in June increased to 51.8, its highest level since May 2021, surpassing market forecasts.
Hong Kong markets were closed for a holiday. In Australia, the S&P/ASX200 went down by 0.2% to 7,750.70 while South Korea’s Kospi went up by 0.2% to 2,804.31 following a private-sector survey indicating that South Kore’as factory activity reached its highest level since April 2022.
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