Asian markets soared as investors evaluated specific surveys on factory operations.
Asia-Pacific markets soared as investors evaluated multiple reports of manufacturing activity that showed production slowing in the region.
China’s Caixin manufacturing purchasing managers index for June came in at 50.5, slightly above economists’ expectations of 50.2. China’s official government PMI readings reported a contraction for the third consecutive month.
Mainland Chinese markets were up: the Shanghai Composite Index rose 0.72 percent and the Shenzhen Component Index rose 0.18 percent. Hong Kong’s Hang Seng index rose 1.29% and the Hang Seng Tech index gained more than 2 percent.
Japan’s Nikkei 225 led gains in the region, gaining 1.46 percent, while Topix was up 1.11 percent. In South Korea, Kospi rose 1.39 percent and Kosdaq rose 1.81 percent. Special surveys for South Korea and Japan also showed factory activity slowed this month.
In Australia, the S&P/ASX 200 rose 0.27% as investors awaited the Reserve Bank of Australia’s rate decision on Tuesday. Economists expect the central bank to raise the cash rate by another 25 basis points to 4.35 percent.
The S&P Global ASEAN Manufacturing purchasing managers index saw conditions for the manufacturing sector improve slightly in June, reaching 51 below the 51.1 seen a month ago.
All three major indices gained on Friday, led by technology stocks in the US. The Nasdaq Composite was up 1.45 percent, the S&P 500 was up 1.23 percent and the Dow Jones Industrial Average was up 0.84 percent.