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Asian stocks trade higher after Chinese manufacturing data

2019-10-08 06:43 am | Resource: News | No Views : 17

Asian stocks trade higher after Chinese manufacturing data 

 Equity markets enjoyed bullish confidence on Tuesday in anticipation of a new high-level round of trade talks between the world's two largest economies. Chinese Vice Premier Liu He is scheduled to arrive in Washington this week at a time of strong tensions with the United States, which has only blacklisted 28 of its companies. On the other hand, the administration of President Donald Trump was also pointing to cautious optimism.

China's composite PMI rose to 51.9 in September

Business activity in China expanded at the fastest pace since April, and China's Caixin Composite PMI rose to 51.9 in September from 51.6 in August, IHS Markit / Caixin said in a report released on Tuesday.

Manufacturing saw a jump in output that was the strongest since August last year, but slower growth in services was recorded as the Chinese services business activity index fell from 52.1 the previous month to 51.3 in September. New jobs have increased, especially in services, while new orders installed since February 2018 have increased.

Abe believes that Kuroda will make the right decision on interest rates

Japanese Prime Minister Shinzo Abe said on Tuesday he believes Bank of Japan Governor Haruhiko Kuroda will make the right decision to raise inflation to a target of 2%.
In September, the Bank of Japan kept its short-term interest rate unchanged at -0.1%.

Asian shares trading
  • Japan's Nikkei 225 Index was 1% stronger today at 7:24 pm ET.
  • The Hang Sang rose 0.58% in Hong Kong.
  • South Korea's Kospi jumped 0.69%.
  • The Shanghai Composite and the Shenzhen Composite grew 0.57%.
  • The S&P / ASX rose 0.45% on the day.

 The dollar was up 0.13% at 107.4025 yen and was down 0.15% at 7.12372 at 7:44 CET. Gold was 0.12% in negative territory at $ 1,491.57 an ounce, suggesting risk appetite because the level was below the $ 1,500 level.

 


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