Investing.com - Asian stocks were mixed on Wednesday despite some positive PMI out of China, the world’s second-largest economy, as traders await news out of a spate of global central bank meetings this week.
In Asian trading, Japan’s Nikkei 225 rose 1.66%. USD/JPY is trading modestly higher as the Bank of Japan meets for the first time with Haruhiko Kuroda as governor. Yen bears are widely expecting Kuroda will unveil new monetary stimulus when the central bank concludes its meeting tomorrow.
Hong Kong’s Hang Seng fell 0.01%, but the Shanghai Composite added 0.05% after China's official purchasing managers' index (PMI) for the services sector climbed to 55.6 in March from 54.5 in February. Readings above 50 indicate expansion. The bullish number was helped by increased construction activity.
China’s National Bureau of Statistics said the construction index jumped 4.5 points from February to 62.5 in March.
Despite the bullish China PMI report, Australia’s S&P/ASX 200 fell 0.6%. China is Australia’s largest trading partner. Earlier today, the Australian Bureau of Statistics said that Australia’s trade balance narrowed to AUD178 million in February from a AUD1.215 billion deficit in the previous month. Economists expected a deficit of AUD1 billion.
On Tuesday, the Reserve Bank of Australia kept interest rates unchanged at 3%. Australian shares are being weighed down by mining and materials names such as BHP Billiton today.
The China PMI number did little to help New Zealand stocks as the NZSE 50 fell 0.03%. China is also New Zealand’s largest trading partner.
South Korea’s Kospi fell 0.68% while Singapore’s Straits Times Index added 0.06%.
S&P 500 futures are lower by 0.02% a day after the benchmark U.S. index climbed to a new record following a report from the Commerce Department that said orders for manufactured goods increased 3% in February. Economists expected a 2.9% increase. Orders from the civilian aircraft business helped drive the February number higher.
In Asian trading, Japan’s Nikkei 225 rose 1.66%. USD/JPY is trading modestly higher as the Bank of Japan meets for the first time with Haruhiko Kuroda as governor. Yen bears are widely expecting Kuroda will unveil new monetary stimulus when the central bank concludes its meeting tomorrow.
Hong Kong’s Hang Seng fell 0.01%, but the Shanghai Composite added 0.05% after China's official purchasing managers' index (PMI) for the services sector climbed to 55.6 in March from 54.5 in February. Readings above 50 indicate expansion. The bullish number was helped by increased construction activity.
China’s National Bureau of Statistics said the construction index jumped 4.5 points from February to 62.5 in March.
Despite the bullish China PMI report, Australia’s S&P/ASX 200 fell 0.6%. China is Australia’s largest trading partner. Earlier today, the Australian Bureau of Statistics said that Australia’s trade balance narrowed to AUD178 million in February from a AUD1.215 billion deficit in the previous month. Economists expected a deficit of AUD1 billion.
On Tuesday, the Reserve Bank of Australia kept interest rates unchanged at 3%. Australian shares are being weighed down by mining and materials names such as BHP Billiton today.
The China PMI number did little to help New Zealand stocks as the NZSE 50 fell 0.03%. China is also New Zealand’s largest trading partner.
South Korea’s Kospi fell 0.68% while Singapore’s Straits Times Index added 0.06%.
S&P 500 futures are lower by 0.02% a day after the benchmark U.S. index climbed to a new record following a report from the Commerce Department that said orders for manufactured goods increased 3% in February. Economists expected a 2.9% increase. Orders from the civilian aircraft business helped drive the February number higher.