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Asian stocks and Japanese private sectors continue to grow

2019-07-24 01:39 am | Resource: News | No Views : 25

 Asian stocks and Japanese private sectors continue to grow

Stocks in Asia and the Pacific mixed on Wednesday after developments on the US-China trade front. After optimistic remarks by White House Economic Adviser Larry Codlow

Japan's private sector continues to grow in July

Japan's manufacturing and services sectors grew in July, according to the IHS Markit flash report on Wednesday. The Composite Purchasing Managers Index came in at 51.2, up from 50.8 in June.

Japan's composite flash data shows a modest improvement in private business output in July, as consumption of services has boosted the economy, as in the current year. Private sector gross domestic product (GDP) expanded at the fastest rate in seven years. "There have been months on the back of faster service growth," said IHS Markit economist Joe Hayes.

The PMI for seasonally adjusted services was reported at 52.3, or 0.4 points higher than June. Manufacturing PMI was 49.6 in July, 0.3 points better than the previous month, below the threshold of 50 points not change for the third straight month. The slow growth is due to weak demand from China and high friction between Japan and South Korea.

Apple Display LG Display shares fell more than 2% after the company reported a second-quarter operating loss higher than expected. The company also said it was looking to diversify its suppliers' base amid the continuing diplomatic row between Tokyo and Seoul, which saw export restrictions on important materials to South Korea.

Wednesday is the deadline for public comment on the Japanese government's plan to remove South Korea from the list of "white list" countries with minimum trade restrictions, the Nikkei Asian Review reported on Tuesday.

Asian stocks trading
In corporate news, Japan's Mitsubishi Motor Co. is set to announce its Q1 earnings later on Wednesday.

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