Asian stocks mostly ascend on China’s upbeat manufacturing data
On Tuesday, Asian markets were mixed after the issue of encouraging purchasing managers index data from China and also ahead of policy news from the Reserve Bank of Australia and the BOJ.
Hong Kong’s Hang Seng Index HIS gained 1.40%, the Shanghai Composite SHCOMP rose 0.26%. Both are obtaining a lift from the publication of better-than-expected official manufacturing PMI news coming out of China.
The official manufacturing PMI soared to 51.2 in October from September’s outcome of 50.4, thus adding to indications that the world’s second-largest economy is currently stabilizing. Additionally, China’s official non-manufacturing purchasing managers index, measuring activity outside factory gates, surged to 54.0 in October from September’s result of 53.7.
In October, China’s Caixin manufacturing PMI showed 51.2, up from September’s outcome of 50.1.
Korean Kospi SEU dropped 0.01%.
Japan’s Nikkei NIK edged down 0.2%, affected by poor earnings data.