China Releases better than expected PMI Data

Daniel L
Category:  Financial News
Markets in Asia lost ground, despite better than expected PMI data out of China. Tech shares, throughout the region sold off.

Japan's Nikkei 225 shed 1.14 percent. This index is now below the 20,000. The benchmark index was at 19,990.5 by 9:40 am Hong Kong time.
The Kospi Composite Index lost 0.41 percent and Australia's S&P ASX 200 lost over 1.30 percent.

Markets in China fell this morning. Chinese President Xi Jinping visited Hong Kong ahead of the twentieth anniversary of the Hong Kong handover. The Hang Seng Index was down 0.97 percent. The Shanghai Composite fell 0.41 percent and the Shenzhen Composite lost 0.315 percent.
Indonesian financial markets remained closed today for a holiday.

This morning, China's manufacturing activity accelerated more than expected in June. The official manufacturing PMI rose to 51.7 compared to the 51.0 forecast.

As a result of the Chinese PMI, the Australian dollar, which is sensitive to Chinese economic data, firmed for a third straight day in a row. The AUD was trading at $0.7699. After the news broke hit a high at $0.7712. There was also rally in iron ore prices. This commodity market has increased for three straight days.

In other regional economic data, Japanese core inflation, their consumer price index (CPI) for the month of May rose 0.4 percent annually. This was in line with expectations. May industrial production, for Japan, saw a contraction of 3.3 percent. The previous month saw a print that was a bit higher than the 3.2 percent fall projected.

Looking at other currency news, the US dollar has now hit a fourteen month low against the euro. The euro has contracted a bit from a session high of $1.144 to fetch $1.143.
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