Investing.com - Most Asian stocks traded higher during Thursday’s session on the back of some decent economic data out of China.
In Asian trading Thursday, Japan’s Nikkei 225 inched down 0.03% even as USD/JPY traded higher. Earlier this week, Prime Minister Shinzo Abe confirmed the sales tax hike from 5% to 8% for April 2014 but made no mention of a corporate tax cut that was supposed to compensate for the potential negative impact of the sales tax increase on the economy. Japanese stocks sold off in reaction to the announcement, as hiring and business investment could see a slowdown in the coming months.
Hong Kong’s Hang Seng jumped 0.97% while the Shanghai Composite remains closed for a holiday. Earlier Thursday, China’s National Bureau of Statistics said the country’s official purchasing managers' index (PMI) for the non-manufacturing sector rose to 55.4 in September from 53.9 in August. Readings above 50 indicate expansion.
The services sector index followed the official manufacturing PMI on Tuesday, which showed China's factory activity edged up slightly in September, with small firms struggling in the face of overcapacity and weak demand, Reuters reported.
Australia’s S&P/ASX 200 rose 0.7% following the China news as mining and financial services shares led Australian stock higher. China is Australia’s largest export market.
New Zealand’s NZSE 50 inched up 0.03%. In the United States, the government shutdown extended for another day since Republicans and Democrats continued to argue about healthcare spending. No compromise has been reached yet, which means another day of furloughs and no income for government employees in non-essential services.
Data from the U.S. has also disappointed, with the ADP private payrolls report showing a mere 166K increase in hiring, lower than the estimate of a 177K rise for September. The August figure was revised down from an initial estimate of 176K to 159K, reflecting poorer hiring conditions in the past couple of months.
Singapore’s Straits Times Index lost 0.12% after the SIPMM Central Office said that Singaporean PMI remained unchanged at 50.5 last month. Analysts expected that reading.
South Korean markets are closed today as well. S&P 500 futures fell 0.15% a day after the benchmark U.S. index fell 0.07%.
In Asian trading Thursday, Japan’s Nikkei 225 inched down 0.03% even as USD/JPY traded higher. Earlier this week, Prime Minister Shinzo Abe confirmed the sales tax hike from 5% to 8% for April 2014 but made no mention of a corporate tax cut that was supposed to compensate for the potential negative impact of the sales tax increase on the economy. Japanese stocks sold off in reaction to the announcement, as hiring and business investment could see a slowdown in the coming months.
Hong Kong’s Hang Seng jumped 0.97% while the Shanghai Composite remains closed for a holiday. Earlier Thursday, China’s National Bureau of Statistics said the country’s official purchasing managers' index (PMI) for the non-manufacturing sector rose to 55.4 in September from 53.9 in August. Readings above 50 indicate expansion.
The services sector index followed the official manufacturing PMI on Tuesday, which showed China's factory activity edged up slightly in September, with small firms struggling in the face of overcapacity and weak demand, Reuters reported.
Australia’s S&P/ASX 200 rose 0.7% following the China news as mining and financial services shares led Australian stock higher. China is Australia’s largest export market.
New Zealand’s NZSE 50 inched up 0.03%. In the United States, the government shutdown extended for another day since Republicans and Democrats continued to argue about healthcare spending. No compromise has been reached yet, which means another day of furloughs and no income for government employees in non-essential services.
Data from the U.S. has also disappointed, with the ADP private payrolls report showing a mere 166K increase in hiring, lower than the estimate of a 177K rise for September. The August figure was revised down from an initial estimate of 176K to 159K, reflecting poorer hiring conditions in the past couple of months.
Singapore’s Straits Times Index lost 0.12% after the SIPMM Central Office said that Singaporean PMI remained unchanged at 50.5 last month. Analysts expected that reading.
South Korean markets are closed today as well. S&P 500 futures fell 0.15% a day after the benchmark U.S. index fell 0.07%.