Asia Pacific stock mixed; Personal survey of sugar manufacturing activity ahead


Stocks in the Asia Pacific region traded mixed on Tuesday morning as a private survey showed Chinese manufacturing activity in August to expand at the fastest pace in nearly 10 years.

Mainland Chinese shares declined 0.16%, while the Shenzhen component declined 0.448%. Hong Kong’s Hang Seng index advanced 0.13%.

The Chalan / Market Manufacturing Purchasing Managers’ Index (PMI) for August came in at 53.1. According to the country’s National Bureau of Statistics, China’s official manufacturing PMI for August came in at 51.0 in August.

Economic data releases by China have been viewed by investors to signal the country’s recovery from the coronavirus epidemic. PMI readings above 50 indicate expansion, while those below that figure indicate contraction. PMI readings are sequential and indicate month-long expansion or contraction.

Elsewhere, the S & P / ASX 200 in Australia led losses in key markets in the region as it fell 1.63%.

Nikkei 225 gained 0.16% in Japan while the Topix index lost 0.12%. Cospi of South Korea gained 0.91%.

Overall, the MSCI Asia Ex-Japan Index trades 0.25% more.

Looking ahead, the Reserve Bank of India is set to announce its interest rate decision in HK / SIN at around 12:30 pm on Tuesday. Ahead of that decision, the Australian dollar changed hands at $ 0.7398 following yesterday’s rise from the $ 0.735 level.

Overnight Stateside, the S&P 500 and the Dow Jones Industrial Average wrapped up their best August performances in decades. The Dow was down 223.82 points or 0.8% at 28,430.05 and the S&P 500 was down 0.2% at 3,500.31 to finish its trading day on Dow Street. The Nasdaq Composite gained 0.7% to finish the day at 11,775.46.

Monday’s move left the Dow up 7.6% for August, its biggest gain for that month since 1984. The S&P 500 rose 7% for the same month, its best August performance since 1986.

The US Dollar Index, which tracks the greenback against a basket of its peers, was at 92.434, following a slip past the 92.4 mark.

The Japanese Yen traded at 105.70 per dollar around the 105.5 level against yesterday’s greenback.

Oil prices in the morning of Asian trading hours were up 0.71% to $ 45.60 per barrel with international benchmark Brent crude futures. US crude futures also rose 0.68% to $ 42.90 per barrel.

What’s on tap:

  • Australia: Reserve Bank of India decides interest rate in HK / SIN at 12:30 pm
    .