(MENAFN– ecpulse)
Asian stocks rose at the end of the trading session today achieving the highest level from about a month benefiting from China PMI, which has accelerated growth, as Asian indices are being supported by its U.S. counterparts after yesterday’s services data, which showed the fastest growth in nearly three years.
- U.S. ISM Manufacturing achieved in August 59.0 growth which is the highest since March 2011 compared to the previous 57.1 and the expectations 57.0.
Chinese stocks benefited from HSBC PMI Services index in August, which grew at 54.1 from the previous 50 supporting the growth outlook of emerging economies led by China (the second largest global economy) which suspended it hopes to twitch the global economy from the critical economic situation.
- Chinese CSI 300 ended 0.83% higher at 19.91 pips and is trading around 2406.45.
- Shanghai Composite ended in green achieving 0.90% gains at 20.33 pips and is trading around 2286.52.
Japanese stocks rose benefiting from yen dropping to its lowest level in eight months against the dollar, which increases the competitiveness of Japanese exports.
- Japanese Nikkei 225 ended 0.38% higher at 57.75 pips and is trading around 17528.35.
Focus is still on the Japanese Prime Minister Shinzo Abe, who will announce today reshuffling his government for the first time since it was formed at the end of 2012, according to local media, it’s scheduled to appoint five women as ministers.
- Australia’s S&P/ASX 200 ended 0.04% higher at 2.42 pips and is trading around 5656.09, after growth data showed a 0.5% slowdown in the growth pace during the second quarter annual from the previous 1.1%, this data supports her loose monetary policy followed by the Reserve Bank of Australia and eases the way toward further stimulus.
Korean stocks
- Kospi closed 0.02% lower at 0.38 pips and is trading around 2051.20 affected by the drop of both Hyundai Motors and Kia Motors.
- Hyundai Motor Co dropped 1.55% closing at 22200.00 KRW, Kia Motors dropped 2.51% at 1500.00 KRW after the twentieth round of talks on wages failed.
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