· Asia stocks mostly rise; private survey shows Chinese factory activity shrinking in August
Shares in Asia-Pacific were mostly higher in Wednesday trade, as a private survey showed shrinking Chinese factory activity in August.
Mainland Chinese stocks were mixed as the Shanghai composite advanced 0.86% while the Shenzhen component rose 0.322%. Hong Kong’s Hang Seng index edged 0.62% higher.
The Caixin/Markit manufacturing Purchasing Managers’ Index for August came in at 49.2 on Wednesday, below the 50 mark that separates expansion from contraction.
Deutsche Bank International Private Bank’s Tuan Huynh said the August reading was not unexpected, adding that the company has lowered its growth forecast for Chinese GDP this year to 8.2% from 8.7%.
Elsewhere in Japan, the Nikkei 225 gained 1.2% while the Topix index advanced 0.89%. Meanwhile, South Korea’s Kospi climbed 0.14%.
Australian stocks lagged as the S&P/ASX 200 slipped 0.31%. Australia’s gross domestic product rose 0.7% in the June quarter, according to data released by the country’s statistics bureau. That was above expectations for a 0.5% increase, according to Reuters.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.26% lower.
· Indian shares hit record highs on financial gains, Q2 GDP jump
Indian shares hit all-time highs on Wednesday, helped by financials and automaker stocks, and after data showed the economy grew more than 20% in the June-quarter.
The blue-chip NSE Nifty 50 index was up 0.22% at 17,170.25 by 0347 GMT and the benchmark S&P BSE Sensex rose 0.24% to 57,687.67. Both the indexes had touched record highs in the last two sessions.
· European markets advance, looking past inflation data
European stocks advanced on Wednesday morning after euro zone inflation data on Tuesday rattled market sentiment in the region.
The pan-European Stoxx 600 gained 0.6% in early trade, with travel and leisure stocks climbing 1.2% to lead gains while basic resources slipped 0.3%.
The positive open came after markets were rattled on Tuesday following the release of euro zone inflation data for August which showed consumer prices increased by 3% this month from a year ago, according to preliminary estimates.
This was far above expectations and the European Central Bank’s 2% target. The data will put pressure on the central bank to address inflation concerns at a key meeting next week.
Reference: CNBC, Reuters
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