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Stock markets in the Asia-Pacific region started the second half of the year on a positive note as investors digested mixed Chinese PMI data, and the data showed that confidence among large Japanese manufacturers improved to a two-year high in the second quarter amid… Improving economic prospects.
Japan (NKY:IND) +0.12%Japan’s consumer confidence index rose to 36.4 in June 2024 from a six-month low in May of 36.2 but below market expectations of 36.5.
The au Jibun Japan Manufacturing PMI was revised to 50.0 in June 2024 from an initial reading of 50.1 and to 50.4 in May.
China (SHCOMP) +0.92%. Mainland stocks struggle to gain momentum as investors react to reports of mixed business activity in China.
The Chinese official report indicated that manufacturing declined for the second month in a row in June, at 49.5. Meanwhile, the services sector continued to expand but slowed to its lowest level in six months.
In contrast, a private survey indicated that the Caixin Manufacturing PMI in June rose to its highest level since May 2021, beating market expectations by 51.8.
Hong Kong Stock Exchange (HSI) is closed.
India (Sensex) +0.56%The BSE Sensex is close to an all-time high, as easing PCE inflation raises hopes for a US interest rate cut this year.
The HSBC India Manufacturing PMI came in at 58.3 points in June 2024, up from 57.5 points in May, but slightly below initial estimates and market expectations of 58.5 points.
Australia (AS51) -0.22%The revised data showed that manufacturing activity in Australia contracted in June by the largest amount since May 2020, to 47.2 points, amid a sharp decline in new orders, while a report issued by the Melbourne Institute indicated continued inflationary pressures.
Investors are now looking to the latest minutes of the Reserve Bank of Australia’s monetary policy meeting this week to assess the outlook for monetary policy.
In the United States, the three major indices ended their trading on Friday with declines in the last trading session in June, as investors digested a batch of economic data.
US stock futures rose on Monday as investors look for new catalysts in the second half of 2024: Dow Jones +0.18%; Standard & Poor’s 500 +0.08%; Nasdaq +0.04%.
Investors will now look ahead to U.S. manufacturing activity data later on Monday for more insight into the economy, as well as more federal data later this week. Investors will also be looking ahead to the U.S. jobs report and the minutes of the Federal Open Market Committee meeting this week for clarity on the timing of a Fed rate cut.
Bitcoin rose above $63,000, reaching its highest levels in a week and leading a rally among major cryptocurrencies amid expectations that US regulators will approve exchange-traded funds for the Ethereum currency later this month.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
