hong kong shanghai return to lead most asia markets higher
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Hong Kong, Shanghai return to lead most Asia markets higher

Arab Today, arab today

Arab Today, arab today Hong Kong, Shanghai return to lead most Asia markets higher

A better-than-expected reading on Chinese factory activity
Hong Kong - AFP

Hong Kong and Shanghai investors returned from public holidays with healthy gains Wednesday, leading a broad advance across Asian markets after forecast-beating Chinese factory data lifted hopes for the world's number two economy.

However, regional gains were limited following soft leads from Wall Street and Europe as dealers fret about possibly tricky elections in Italy and crises enveloping Donald Trump's administration.

China said Wednesday that its purchasing managers index of manufacturing activity held up in May, beating expectations for a slip.

The reading indicated the sector continues to grow and suggests the economy is feeling the benefit of a pick-up in global demand.

China's growth slowed to its weakest level in a quarter of a century in 2016 and is expected to ease this year as leaders look to address huge debt piles and recalibrate from trade and investment to consumer demand as the driver of expansion.

"The global economy will continue to recover and that’ll bolster Chinese manufacturers," said Tommy Xie, an economist at OCBC Bank in Singapore, told Bloomberg News. 

"But the deleveraging campaign will inevitably slow growth as tightening measures have already pushed up borrowing costs for factories."

Shanghai, which was closed Monday and Tuesday for a holiday, rose 0.7 percent, while Hong Kong added 0.3 percent as it returned from a one-day break.

Sydney added 0.3 percent, Seoul was 0.4 percent higher and Jakarta gained 0.3 percent also. However, Tokyo ended the morning 0.1 percent lower.

- Fresh Europe fears -

European markets finished in the red as Italy edges towards a possible elections in the autumn under a new proportional system. With opinion polls pointing to no stable majority traders are worried anti-EU parties could perform well, raising the prospect of fresh trouble for the bloc.

Also, another impasse between Greece and its creditors over its bailout conditions has raised concerns among investors again.

And Wall Street eased as US inflation remained soft in April, despite a modest increase, while consumer confidence slipped for a second straight month in May.

The readings come days before the release of closely watched US jobs data Friday, which is used as a guide for the Federal Reserve's plans for interest rate hikes.

"Even though consumer confidence dipped in May, it seems only an appalling May (jobs report)... could derail the Fed from a June hike," said Greg McKenna, chief market strategist at AxiTrader.

In currency trade the pound was struggling after a fresh opinion poll suggested Prime Minister Theresa May's ruling Conservatives could lose their parliamentary majority in next week's general election.

Sterling had soared in recent weeks on the prospect May would win a landslide in the June 8 poll, giving her a stronger hand in Brexit talks. But the currency has fallen with the government's poll numbers on fears Britain could end up with a bad EU exit deal.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 0.1 percent at 19,660.63 (break)

Hong Kong - Hang Seng: UP 0.3 percent at 25,778.93

Shanghai - Composite: UP 0.7 percent at 3,131.75

Euro/dollar: DOWN at $1.1176 from $1.1195 at 2100 GMT

Dollar/yen: UP at 110.97 yen from 110.76 yen

Pound/dollar: DOWN at $1.2825 from $1.2862

Oil - West Texas Intermediate: DOWN two cents at $49.64 per barrel

Oil - Brent North Sea: UP five cents at $51.89

New York - Dow: DOWN 0.2 percent at 21,029.47 (close)

London - FTSE 100: DOWN 0.3 percent at 7,526.51 (close)

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