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Asia shares mixed with week opening amid good Chinese data

2019-06-03 02:40 am | Resource: NEWS | No Views : 81

Asia shares mixed with week opening amid good Chinese data

Stocks in Asia mixed in morning trade on Monday amid growing concerns over the state of world trade. After data from a special survey showed on Monday that Chinese manufacturing activity was better than expected in May.

Manufacturing activity in Japan fell in May

Industrial activity in Japan fell in May, according to a recent survey by Nikkei and IHSMarket on Monday. Japan's Nikkei PMI fell below the 50-point neutral level to 49.8 in May.

Production continued to fall for the fifth consecutive month and job creation was at its lowest level since November 2016. New export business fell for a sixth straight month in May, due to China's economic concerns due to US-imposed tariff duties, as well as more Competition internationally.

"With the increase in sales tax expected and the Senate elections in July, there are still potential banana skins that Japanese companies should avoid." The growing trade tensions between China and the United States add only to the existing concerns of manufacturers, "said Joe Hayes, an economist at IHS Markit: Next year for the first time in six and a half years. "

China's manufacturing sector is growing in May

China's manufacturing activity was 50.2, according to the IHSMarket version. China's CMixin China index rose slightly from the May market estimate of 50.0 and was unchanged from the previous month's figure of 50.2, indicating a slight improvement in the Chinese manufacturing sector.

Said the director of macroeconomic analysis in CEBM Group Cheng Shengzhong. Overall, China's economy showed steady growth and resilience in May. The manufacturing sector witnessed high demand from both foreign and domestic markets and prices were stable.

However, business confidence has weakened, and inventory levels for manufacturers have remained low. The trade tensions between the United States and China affect confidence, and the best way to respond is to strengthen the confidence of companies, residents and capital markets through favorable reforms and timely adjustments to regulations and controls. "

Asian Stock Exchanges
  •  Shanghai Composite Index rose 0.26% and Shenzhen component rose 0.21%. The Xinzen compound was quite flat.
  •  The Nikkei 225 <.N225> was down 1.04% in early trade as the Fnook heavyweight index shed more than 2%.
  • The Topix index fell 0.96%. Japan's Softbank Group saw its shares fall more than 4%
  • The Kospi rose 0.58%, with Samsung Electronics gaining more than 2%.
  • In Australia, the ASX 200 index was down 0.77% with almost all sectors declining.

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