Investing.com - Asian markets rose in morning trade on Wednesday, with Chinese stocks gaining more than 1% although data showed the country’s October Official Factory PMI missed expectations.
The official Purchasing Managers’ Index (PMI) fell to 50.2 in October from 50.8 in September, weaker than forecasts for a reading of 50.6.
The Shanghai Composite and the Shenzhen Component both traded 1.2% higher by 10:00 PM ET (02:00 GMT). Hong Kong’s Hang Seng Index was up 0.7%.
Baidu Inc (NASDAQ:BIDU) reported its third-quarter revenue rose to 28.2 billion yuan from 23.49 billion yuan in the same period a year ago.
Japan’s Nikkei 225 jumped 1.8% even after the trade ministry revealed the country’s industrial output fell more than expected in September. Output declined 1.1%, compared with the median estimate for a 0.3% decline.
Elsewhere, South Korea’s KOSPI edged down 0.2% after index heavyweight Samsung Electronics Co Ltd (KS:005930) said operating profit rose 21% from a year ago to 17.6 trillion won, in line with expectation. In terms of outlook, the company said it expected a quarter-on-quarter earnings decline in the fourth quarter.
Down under, Australia’s ASX 200 was little changed at 5,806.8 in morning trade.
The Australian Bureau of Statistics said on Wednesday that consumer prices in Australia were up 0.4% on quarter in the third quarter of 2018.
The Australian dollar declined 0.3% against the dollar after the weaker-than-expected inflation reading.