Shutterstock photo
Markets

Asia stocks rise after China PMI; Nikkei ends at 8-week high

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - Asian stock markets rose in holiday-thinned trade on Monday, as investors cheered an upbeat report on China's manufacturing sector.

During late Asian trade, Australia's S&P/ASX 200 closed 0.47% higher, while Japan's Nikkei 225 ended up 2.07%. Markets in China, Hong Kong and Taiwan remained closed for the Dragon Boat Festival.

Data released over the weekend showed that China's official manufacturing purchasing managers' index rose to a five-month high of 50.8 in May, above expectations for 50.6 and up from 50.4 in April.

In Tokyo, the Nikkei rallied to the highest level since April 4 as a weaker yen lifted sentiment. The yen rose to a session high of ¥102.07 against the U.S. dollar, compared to Friday's close of ¥101.72 (USD/JPY).

Index heavyweights Fast Retailing (TOKYO:9983) and Softbank (TOKYO:9984) saw shares climb 2.7% and 1.9% respectively.

Elsewhere, in Australia, the ASX/200 Index edged higher, while the Australian dollar dropped from a two-week high struck against the greenback on Friday.

The Aussie (AUD/USD) weakened to 92.51 U.S. cents from a high of 93.28 U.S. cents in the prior session.

Financials were stronger, with Commonwealth Bank Of Australia (ASX:CBA) advancing 0.8%, while ANZ Banking Group (ASX:ANZ) and National Australia Bank (ASX:NAB) rose 0.7% and 1.2% respectively.

Looking ahead, European stock market futures pointed to a modestly higher open, as investors looked ahead to the European Central Bank's policy meeting later this week.

The Euro Stoxx 50 futures pointed to a gain of 0.25%, France's CAC 40 indicated a rise of 0.1%, Germany's DAX pointed to a gain of 0.3%, while London's FTSE 100 indicated an increase of 0.3%.

Across the Atlantic, U.S. equity markets also pointed to a firm open. The Dow futures pointed to a gain of 0.15%, the S&P 500 added 0.1%, while the Nasdaq 100 indicated a rise of 0.1%.

The Institute of Supply Management is to publish a report on U.S. manufacturing activity later in the day.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx