Asian Stock Market: Regional markets rise on Chinese upbeat factory data, US data eyed
- Asian equities trade higher due to China’s upbeat PMI figure.
- China rolled out more fiscal measures to support its housing market.
- Hang Seng suspended trading as Super Typhoon Saola heads towards Hong Kong.
Asian stock markets advanced on Friday due to upbeat factory data released from China on Friday. Additionally, more fiscal measures have been taken by the Chinese authorities, improving the market sentiment. Investors await the releases of employment and manufacturing data from the United States (US).
As said, Caixin Manufacturing PMI for August revealed on Friday, posted the reading of 51.0, a better-than-expected 49.3, from the previous 49.2 figure.
China introduced more economic measures to support its gloomy housing market and reduced the requirements of foreign exchange reserves for local banks to sell more US Dollars (USD) in terms of supporting the Chinese Yuan.
At the time of writing, China’s Shanghai is up 0.23% to 3,127, the Shenzhen Component Index rose 0.25% to 10,443, South Korea’s Kospi is up 0.21%, Japan’s Nikkei rose 0.61% and Taiwan's Weighted Index is up 0.25%.
Hang Seng suspended trading as Super Typhoon Saola heads toward Hong Kong and threatens industrial hubs around China’s Guangdong province.
Indian’s Nifty 50 rose 0.32% on the back of upbeat GDP data, avoiding the concerns over allegations on Adani Group. The Organized Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists made claims of insider trading against the major conglomerate. OCCRP released a report, alleging that the company regularly acquired its own shares from public markets using offshore entities, aiming to artificially inflate its stock price.
Traders will focus on the crucial US Nonfarm Payrolls data for August, scheduled to be released later in the North American session. Any indications of strength in the labor market could impact the US Federal Reserve (Fed) with greater flexibility to continue raising interest rates, a scenario that does not bode well for Asian markets.