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Stocks in Asia Pacific were mixed on Tuesday morning, as a private survey showed Chinese manufacturing activity in August expanded at its fastest pace in nearly 10 years.
Shares in mainland China fell, with the Shanghai composite falling 0.16% while the Shenzhen component lost 0.448%. Hong Kong’s Hang Seng Index advanced 0.13%.
The moves came as the Caixin / Markit Manufacturing Purchasing Managers Index (PMI) for August hit 53.1. On Monday, China’s official manufacturing PMI for August stood at 51.0, according to the country’s National Bureau of Statistics.
Investors have watched China’s economic data release for signs of the country’s recovery from the coronavirus pandemic. PMI readings above 50 indicate expansion, while those below that figure indicate contraction. PMI readings are sequential and indicate monthly expansion or contraction.
Elsewhere, the S & P / ASX 200 in Australia led losses among the region’s top markets, falling 1.63%.
In Japan, the Nikkei 225 gained 0.16% while the Topix Index lost 0.12%. South Korea’s Kospi added 0.91%.
Overall, the MSCI Asia ex-Japan index was up 0.25%.
Looking ahead, the Reserve Bank of Australia will announce its interest rate decision around 12:30 pm HK / SIN on Tuesday. Before that decision, the Australian dollar changed hands at $ 0.7398 after rising yesterday from around $ 0.735.
Overnight in the United States, the S&P 500 and the Dow Jones Industrial Average closed their best August results in decades. The Dow Jones fell 223.82 points, or 0.8%, to end its trading day on Wall Street at 28,430.05 and the S&P 500 lost 0.2% to close at 3,500.31. The Nasdaq Composite gained 0.7% and closed its trading day at 11,775.46.
Monday’s moves left the Dow up 7.6% in August, its biggest gain for that month since 1984. The S&P 500 was up 7% in the same month, posting its best August performance since 1986.
The US dollar index, which tracks the dollar against a basket of its peers, last stood at 92.034 after a previous slide from around the 92.4 mark.
The Japanese yen was trading at 105.70 per dollar after yesterday seeing levels around 105.5 against the dollar.
Oil prices rose in the morning of Asian business hours, with international benchmark Brent crude futures rising 0.71% to $ 45.60 a barrel. US crude futures also rose 0.68% to $ 42.90 a barrel.
What’s in the tap:
- Australia: Reserve Bank of Australia interest rate decision at 12:30 pm HK / SIN
