China’s Caixin PMI Beats Estimates

Daniel L
Category:  Financial News
Markets in the Asian and Pacific Rim were mixed to open the new week. Investors are digesting key economic data out of China as well as the Bank of Japan’s (BOJ) quarterly Tankan survey.

The Japanese Nikkei 225 was up 0.24 percent. In South Korea, the Kospi Composite Index rose 0.04 percent. In the Down Under, the S&P ASX 200 was flat.

Markets in China fell this morning. Hong Kong's Hang Seng Index lost about 0.09 percent. The Shanghai Composite was lower by 0.16 percent and the Shenzhen Composite fell 0.032 percent.

As far as economic data is concerned, China released its Caixin manufacturing PMI for the month of June. This gauge of productivity came in at 50.4, above the 49.5 forecasted number. This report shows that manufacturing activity is at a three month high. Official manufacturing PMI, which was released on Friday, came in at 51.7. This was higher than the 51.0 forecasted print and shows a faster than expected expansion.

The Australian dollar, briefly fell lower to trade at $0.7676 following the Chinese economic news but recovered. As of 10:00 am Hong Kong time, the Aussie dollar traded at $0.7682.

In other currency news, this morning, the US dollar index, which measures the greenback against a basket of currencies, traded near a nine month low. This level was hit last week. As of 10:00 am Hong Kong time, the dollar traded at 95.678. Against the yen, the dollar continued to trade above the pivot at ¥112.The dollar fetching 112.35 in this Forex market.

Looking at crude oil this morning, Brent crude futures were up 0.23 percent at $48.88 a barrel and U.S. crude futures traded higher by 0.41 percent at $46.23.
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