Asia-Pacific markets rose as investors digested a slew of manufacturing activity reports that showed slowing output in the region.
China’s Caixin manufacturing purchasing managers index for June came in at 50.5, slightly higher than expectations of 50.2 by a Reuters poll. China’s official government PMI readings posted a third straight month of contraction.
Mainland China markets were higher: The Shanghai Composite gained 0.72% and the Shenzhen Component rose 0.18%. Hong Kong’s Hang Seng index rose 1.29% and the Hang Seng Tech index rose over 2%.
Japan’s Nikkei 225 led gains in the region and popped 1.46% higher, with the Topix also up by 1.11%. South Korea’s Kospi climbed 1.39% and the Kosdaq rose 1.81%. Private surveys for South Korea and Japan also showed factory activity slowed for the month.
In Australia, the S&P/ASX 200
gained 0.27%, as investors wait for the Reserve Bank of Australia’s rate decision on Tuesday. Economists polled by Reuters expect the central bank to hike its cash rate by another 25 basis points to 4.35%.
The S&P Global ASEAN Manufacturing purchasing managers’ index saw conditions for the manufacturing sector improve mildly in June, posting a 51 reading, lower than 51.1 seen a month ago.
On Friday in the U.S., all three major indexes made gains, led by technology stocks. The Nasdaq Composite advanced 1.45%, while the S&P 500 climbed 1.23% and the Dow Jones Industrial Average gained 0.84%,
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