Asian stocks mixed after China PMI data; Nikkei down 0.23%
Published Apr 30, 2013 11:21PM ET
In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.23%. as USD/JPY traded slightly lower.
Earlier Wednesday, China’s National Bureau of Statistics said the April reading of PMI in the world’s second-largest economy was 50.6 compared with 50.9 last month. Analysts expected an April reading of 50.7. Readings above 50 indicate expansion.
Markets in China, Hong Kong, India, South Korea, Taiwan, Singapore, Malaysia, Thailand, Vietnam and the Philippines are closed Wednesday for public holidays. China is the world’s second-largest economy and the PMI reading, while above the important 50 level, indicates the Chinese economic is sputtering somewhat, not surging as many traders had hoped would be the case.
Australia's S&P/ASX 200 lost 0.30% after the Australian Industry Group said its manufacturing index slid 7.7 points to 36.7 last month. That combined with tepid Chinese PMI report weighed on Australian equities because China is Australia's largest trading partner.
New Zealand’s NZSE 50 inched lower by 0.08%. Stocks there were dragged lower by the Chinese and Australian data points because those two countries are New Zealand’s largest trading partners,
While South Korea’s Kospi was closed, the Korea National Statistical Office said that South Korean consumer price inflation fell 0.1% last month. Analysts expected an increase of 0.2%.
A separate report showed South Korea’s trade surplus was USD2.58 billion last month down from USD3.29 billion in March. The country has had a trade surplus for 15 straight months. South Korea’s won surged 14.4% against the yen in the first quarter, according to a press report.
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Written By: Investing.com
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