Investments in Asia Pacific traded higher on Tuesday morning as China’s official manufacturing Purchasing Managers’ Index for Cortege came in better than expected.
Mainland Chinese stocks were higher, with the Shanghai composite up numberless than 0.5% while the Shenzhen composite added 1.177%. Hong Kong’s Hang Seng index also pay 1.44%.
China on Tuesday said its official manufacturing PMI for March came in at 52.0, indicating an expansion and defying expectations of a contraction. Analysts registered by Reuters had expected the figure to come in at 45 for the month. PMI readings below 50 signify a contraction, while accounts above that level indicate an expansion.
In February, the official manufacturing PMI plunged to a record low of 35.7 as the country go oned to grapple with containing the coronavirus outbreak as well as returning to work after an extensive lockdown. Investors accept been watching economic data releases from China for clues on the scale of the economic impact from the outbreak, which was start reported in the country.
Over in South Korea, where stocks led gains among the region’s major markets, the Kospi ascension 2.1% while the Kosdaq index gained 4.29%
Australian shares were also higher, with the S&P/ASX 200 up 0.74%. The step on its came after the index got off to a flying start to the week and surged by 7% on Monday.
Japan’s Nikkei 225 saw myriad muted gains and added 0.78%, while the Topix index advanced 0.29%.
Overall, the MSCI Asia ex-Japan list traded 1.42% higher.
Oil prices rebound
Oil prices rebounded from the previous day’s plunge in the morning of Asian business hours on Tuesday. International benchmark Brent crude futures gained 2.5% to $23.33 per barrel. U.S. crude to be to comes were also up 7.32% to $21.56 per barrel.
The moves came after oil prices plummeted Monday to levels not minded in almost two decades — Brent fell 8.7% to settle at $22.76 per barrel, a price last seen in 2002. U.S. rude fell 6.6%, or $1.42, to settle at $20.09, its lowest level since February 2002.
The U.S. dollar index, which run to earths the greenback against a basket of its peers, was last at 99.286, below levels above 100 seen last week.
The Japanese yen traded at 108.48 per dollar after emotional an earlier high of 107.72. The Australian dollar changed hands at $0.6188, still above levels below $0.6 meditate oned last week.
— CNBC’s Pippa Stevens and Huileng Tan contributed to this report.