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Japan’s benchmark Topix index rose 1.4 per cent ithis morning, the FT reported. China’s CSI 300 of Shanghai- and Shenzhen-listed stocks added 0.8 percent. Australia’s S&P/ASX 200 did not change much.
Wang Zhe, senior economist at Caixin Insight Group, said Japan’s manufacturing sector also showed signs of improvement in July, a separate PMI survey by au Jibun Bank showed, after the country’s state of emergency was lifted and as overseas lockdowns eased.
He said: “Overall, flare-ups of the epidemic in some regions did not hurt the improving trend of the manufacturing economy, which continued to recover as more epidemic control measures were lifted.”
US stocks are expected to rise when Wall Street opens today.
with the S&P 500 expected to gain 0.2 per cent. London’s FTSE 100 was set to open flat.
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6.29am update: India’s factory activity contracted at a sharper pace in July
India’s factory slump deepened in July as renewed lockdown measures to contain surging coronavirus cases weighed on demand and output, raising the chances of a sharper economic contraction, a private business survey showed on Monday.
Asia’s third-largest economy, which has the third-highest coronavirus caseload globally, is expected to shrink at its sharpest pace since 1979 this fiscal year, a Reuters poll found last week. [ECILT/IN]
Reinforcing that grim outlook, the Nikkei Manufacturing Purchasing Managers’ Index INPMI=ECI, compiled by IHS Markit, fell to 46.0 last month from 47.2 in June, below the 50-level separating growth from expansion for a fourth straight month and marking its longest spell of contraction since March 2009.
“The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months,” noted Eliot Kerr, an economist at IHS Markit.
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