Asian Shares Mostly Higher After China Data

Asian stocks are trading mostly higher this morning after the much-awaited China PMI came in unchanged from the previous reading at 51.2 for May.

Oil prices eased and the dollar index remained under pressure while the pound hovered near a one-month low after a new poll found U.K. Conservatives could fall short of overall majority in next month’s national election.

China’s Shanghai Composite index was moving up 0.2 percent as trading resumed after a long holiday weekend.

Broad measures of manufacturing and services activity pointed to sustained growth in May, helping underpin investor sentiment. Hong Kong’s Hang Seng index was up 0.1 percent at 25,728.

Japan’s Nikkei index was marginally lower at 19,660 as the dollar hit two-week lows against the yen after mixed U.S. data released overnight. While financial, mining and energy stocks led losses, Panasonic rose over 2 percent after briefing analysts about its growth prospects.

Australia’s benchmark S&P/ASX 200 index was up 0.2 percent at 5,726 as banks gained for a second straight day, offsetting declines in the energy sector.

South Korea’s Kospi was moving up 0.3 percent on buying by foreign investors and local institutions ahead of exports data due this week. New Zealand’s NZX-50 index was marginally lower at 7,407.

U.S. stocks fell overnight while Treasury prices rose as investors digested mixed economic readings and awaited Friday’s jobs report.

Inflation remained soft in April and a gauge of consumer confidence dropped for the second straight month in May while personal income and spending both increased in line with economist estimates in April, separate reports showed.

The Dow slid 0.2 percent while the S&P 500 and the tech-heavy Nasdaq Composite slipped around 0.1 percent each.

European stocks extended declines for the fourth day on Tuesday as fresh political worries surrounding Britain, Italy and Greece as well as mounting tensions between North Korea and the West sapped investors’ appetite for risk.


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