Asia markets rise as investors digest private surveys on factory activity
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.