Asia markets rise ahead of China’s factory activity data


A worker makes toys for export to South Korea at a workshop in Chongqing, China, April 4, 2023.

CFOTO | Future Publishing | Getty Images

Asia-Pacific markets rose across the board as investors brace for China’s August factory activity data.

The world’s second-largest economy is forecast to see a fifth straight month of contraction in the manufacturing sector, according to a Reuters poll.

Economists polled are expecting the purchasing managers index to come in at 49.4, representing a softer rate of contraction compared with June’s 49.3.

Futures for Hong Kong’s Hang Seng index stood at 18,544, pointing to a stronger open compared with the HSI’s close of 18,482.86.

Japan’s Nikkei 225 advanced 0.33% and the Topix was up 0.31%, as the country saw its retail sales jump more than expected in July, climbing 6.8% year on year, compared with the 5.4% rise expected by a Reuters poll.

South Korea’s Kospi rose 0.23% and the Kosdaq was 0.36% higher. South Korea’s industrial production slid 8% year-on-year in July, marking its 10th straight month of contraction.

The Australian S&P/ASX 200 was 0.11% higher, on pace for a fourth straight day of gains.

On Wednesday in the U.S., all three major indexes gained, with the S&P 500 notching a four-day winning streak, as investors assess new U.S. economic data.

The broad-market index climbed 0.38%, while the Dow Jones Industrial Average added 0.11%. The tech-heavy Nasdaq Composite advanced 0.54%.

Separately, U.S. annual gross domestic product growth was downwardly revised on Wednesday to 2.1% from the previous 2.4% forecast.

— CNBC’s Brian Evans and Alex Harring contributed to this report


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button