Asian stocks ended mixed on Tuesday as China data disappointed, and investors looked ahead to a slew of U.S. economic data this week for additional clues on the rate outlook.
The dollar edged up against most major currencies, sending oil and gold prices lower in Asian trade.
Chinese stocks edge lower after a private survey showed factory activity in the country contracted in July, missing expectations for a small expansion.
A separate report revealed that average new home prices in 100 Chinese cities fell for a third consecutive month in July.
China’s Shanghai Composite index fluctuated before finishing marginally lower at 3,290.95.
Hong Kong’s Hang Seng index dropped 0.34 percent to 20,011.12 after Country Garden scrapped its share placement deal, raising fresh concerns about the health of the property sector.
Japanese shares advanced as the yen slipped to a three-week low following BOJ’s decision last week to tweak its yield control curve policy.
The Nikkei average jumped 0.92 percent to 33,476.58, reaching its highest level since July 3. The broader Topix index hit its highest level in around 33 years, gaining 0.64 percent to 2,337.36.
Honda Motor, Mazda Motor and Nissan Motor surged 2-4 percent amid the yen’s slide. Toyota Motor climbed 2.5 percent after the automaker said its first-quarter net profit jumped 78 percent from a year earlier.
Japan’s factory activity contracted at a faster pace in July, while the unemployment rate fell for the first time in two months in June, separate reports showed today.
Seoul stocks rallied to end higher for the fourth day running, with tech and auto shares pacing the gainers. The Kospi average settled 1.31 percent higher at 2,667.07. SK Hynix, Samsung Electronics and Hyundai Motor rose 1-2 percent.
Investors shrugged off survey results from S&P Global showing that South Korea’s factory activity contracted for a 13th straight month.
Australian markets closed higher after the Reserve Bank held rates for a second consecutive month, saying past increases were working to cool demand.
The benchmark S&P/ASX 200 rose 0.54 percent to 7,450.70, led by resource stocks. The broader All Ordinaries index gained 0.54 percent to close at 7,663.70.
TPG Telecom shares soared 11.6 percent after the telecom company received an offer from Macquarie-backed rival Vocus Group to buy its non-mobile fiber assets for A$6.3 billion.
A survey showed earlier in the day that activity in Australia’s manufacturing sector remained in a downturn in July.
Across the Tasman, New Zealand’s benchmark S&P NZX-50 index ended down 0.63 percent at 11,980.41.
U.S. stocks ended a lackluster session slightly higher overnight as data showed Chicago-area business activity contracted at a slightly slower rate in July.
The Dow gained 0.3 percent, while the tech-heavy Nasdaq Composite and the S&P 500 both rose around 0.2 percent.
Business News
Asian Shares Mixed With Manufacturing PMIs In Focus
2023-08-01 08:37:38
