- APAC markets have started the week on a mixed note.
- China has reported slowdown in manufacturing activity growth.
- Japan’s Nikkei225 shed 83 bps due to less-than-expected growth in retail sales.
The equity markets across the Asia Pacific (APAC) region were a mixed bag on Monday, as China reported less-than-expected growth in its manufacturing activity.
Mainland Chinese stocks were in the red, with the Shanghai Composite down by 20 basis points, and FTSE China A50 down 1.34%. On the other hand, Shenzhen component was up 28 bps. In the Chinese Autonomous Region of Hong Kong, the Hang Seng index fell by 34 bps.
The growth in China’s official manufacturing Purchasing Managers’ Index for May slowed down marginally – coming in at 51.0, compared with 51.1 last month. The analysts had pegged the PMI data at 51.1 for May as well. Any PMI above 50 means expansion, while below 50 means contraction.
In Japan, the Nikkei 225 shed 83 basis points as the country reported a 12% rise in the retail sales during April – 300 bps lower than market expectations.
The KOPSI in South Korea was up 8 bps. On the other hand, Australian ASX200 was flat – gaining 4 bps.
New Zealand was the biggest gainer, with Dow Jones New Zealand up 1.09%.