Stocks in Asia-Pacific rose in Monday morning trade, with data released over the weekend showing China’s manufacturing activity grew at a slightly slower rate in October.
In Japan, the Nikkei 225 gained 1.01% in early trade while the Topix index jumped 1.63%. South Korea’s Kospi added 0.58%.
Meanwhile, shares in Australia swung between positive and negative territory, with the S&P/ASX 200 last trading 0.13% higher.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed.
Oil prices dropped in the the morning of Asian trading hours, with international benchmark Brent crude futures down 4.69% to $36.16 per barrel. U.S. crude futures declined 5.14% to $33.95 per barrel.
China economic data
Investor focus on Monday will likely be on China’s economy. China’s official manufacturing Purchasing Managers’ Index (PMI) for October came in at 51.4, according to the country’s National Bureau of Statistics. That was slightly lower than the 51.5 reading in September.
PMI readings above 50 signify expansion, while those below that indicate contraction. PMI readings are sequential and represent on-month expansion or contraction.
A private survey on China’s manufacturing activity is expected on Monday, with the Caixin/Markit manufacturing PMI set to be out at around 9:45 a.m. HK/SIN.
Reference: CNBC
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