Japan’s Nikkei 225 jumps; data shows slower growth in Chinese factory activity – .

0
13
Japan’s Nikkei 225 jumps more than 1%; investors monitor Covid restrictions in Asia – .


SINGAPORE – Asia-Pacific stocks were mixed in Monday morning trading, with data showing Chinese manufacturing growth slowed in July. Oil prices, meanwhile, fell more than 1%.
In Japan, the Nikkei 225 jumped 1.58% in morning trading while the Topix index gained 1.74%.

The S & P / ASX 200 in Australia also posted strong gains, climbing 1.4%. South Korea’s Kospi rose about 0.1%.

Hong Kong’s Hang Seng Index was down 0.43% while mainland Chinese stocks lagged, with the Shanghai composite down 0.71% and the Shenzhen component down 0.227 %.

The Caixin / Markit Manufacturing Purchasing Managers Index for July released on Monday stood at 50.3, well below analysts’ expectations in a Reuters poll for a reading of 51.1. Caixin’s manufacturing PMI figure was 51.3 in June.

China’s official manufacturing PMI released over the weekend also showed slower growth in factory activity in July, with the figure for the month standing at 50.4 from 50.9 in June.

PMI readings above 50 represent expansion, while those below this level signal contraction. PMI readings are sequential and represent month-to-month expansion or contractions.

The MSCI’s largest Asia-Pacific stock index outside of Japan traded down 0.09%.

Stock watch

Shares of Afterpay in Australia climbed more than 24% after U.S. financial technology firm Square announced it agreed to buy the giant buy now, pay later.
Meanwhile, Chinese electric vehicle maker Xpeng saw its Hong Kong-listed shares jump more than 9% after the company on Monday announced a monthly record for vehicles delivered in July.
The Covid situation in the region could also weigh on investor morale. Other parts of Japan entered a Covid-19 state of emergency on Monday due to a spike in virus cases, according to the local Kyodo News agency.
Meanwhile, Chinese state media reported that governments at various levels across the country have taken measures to contain the virus following a resurgence of infections that are believed to have started in the city of Nanjing.

Oil drops 1%

Oil prices were down on the morning of Asian trading hours, with international benchmark Brent crude futures slipping 1.45% to $ 74.32 a barrel. US crude futures fell 1.27% to $ 73.01 a barrel.

The US dollar index, which tracks the greenback against a basket of its peers, was at 92.128 after falling recently from levels above 92.4.

The Japanese yen was trading at 109.72 per dollar, stronger than levels above 110 against the greenback seen last week. The Australian dollar changed hands at $ 0.7335, after slipping from levels above $ 0.738 late last week.

LEAVE A REPLY

Please enter your comment!
Please enter your name here