💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Asia stocks mixed as investors weigh China PMI, U.S. fiscal woes

Published 10/03/2013, 02:47 AM
USD/JPY
-
Investing.com - Asian stock markets were mixed during late Asian trade on Thursday, as investors weighed upbeat data on non-manufacturing activity in China while continuing to monitor political wrangling in Washington.

During late Asian trade, Hong Kong's Hang Seng Index rose 0.8%, Australia’s ASX/200 Index ended 0.37% higher, while Japan’s Nikkei 225 Index closed down 0.09%.

In China, a government report showed that the nation’s non-manufacturing purchasing managers' index climbed to a six-month high of 55.4 in September from 53.9 in August.

The upbeat data eased concerns over China’s economic recovery, lifting most markets across the region.

Markets in mainland China will remain closed until October 8 for the Golden Week holiday.

However, gains were limited as investors remained concerned over the impact of a protracted U.S. government shutdown.

Markets were also mulling over how the political deadlock in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.

In Hong Kong, gold miners rebounded after prices of the precious metal rose nearly 2% on Wednesday.

Zijin Mining Group and Zhaojin Mining Industry rose 1.2% and 1.7% respectively, while Jiangxi Copper Company added 1%.

The China banking sector also contributed to gains, with China Construction Bank rising 1.4%, Industrial and Commercial Bank of China tacking of 0.9% and Agricultural Bank of China gaining 1.4%.

Meanwhile, in Australia, the ASX/200 Index edged higher as global miners advanced on the back of rising commodity prices.

Gold miners Newcrest Mining and Kingsgate Consolidated saw shares jump 3.2% and 1.3% respectively, while BHP Billiton and Rio Tinto tacked on 0.8% apiece.

Elsewhere, in Tokyo, the Nikkei swung between gains and losses as investors looked ahead to Friday’s Bank of Japan policy decision.

USD/JPY rose to hit a session high of 97.77, moving off the previous session’s five-week low of 97.13. A weaker yen increases the value of overseas income at Japanese companies when repatriated, boosting the outlook for export earnings.

Looking ahead, European stock market futures pointed to a modestly lower open.

The EURO STOXX 50 futures pointed to a loss of 0.25% at the open, France’s CAC 40 futures shed 0.1%, London’s FTSE 100 futures indicated a flat open, while Germany's DAX futures pointed to a drop of 0.1% at the open.

Later in the day, the U.S. ISM was to produce a report on non-manufacturing activity.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.