SINGAPORE — Stocks in Asia-Pacific were higher in Monday morning trade as data releases showed manufacturing activity in China growing at a slower pace in January.
Mainland Chinese stocks nudged higher as the Shanghai composite rose 0.2% while the Shenzhen component advanced 1.23%. The Hang Seng index in Hong Kong jumped 1.14%.
A private survey showed Chinese manufacturing activity growth slowing in January, with the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) coming in at 51.5. That compared against expectations for a reading of 52.7 by analysts in a Reuters poll.
Figures above 50 in PMI readings represent expansion, while those below that level signify contraction.
The latest Caixin numbers came a day after China released its official PMI for January, which was at 51.3. In comparison, the reading for December was 51.9. Analysts in a Reuters poll had expected the figure for January to come in at 51.6.
In Japan, the Nikkei 225 rose 0.93% in while the Topix index advanced 0.8%. South Korea’s Kospi gained 1.61%.
In Australia, the S&P/ASX 200 edged 0.25% higher. Shares of several Australia-listed miners surged in Monday trade: Argent Minerals soared more than 20% while Adriatic Metals jumped 12.44% and South32 gained 3.54%. That came as spot silver prices rose more than 4% to $28.17 an ounce.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.05% higher.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.564 after recently rising from levels below 90.3.
The Japanese yen traded at 104.66 per dollar following its weakening last week from levels below 104 against the greenback. The Australian dollar changed hands at $0.7634, having slipped from levels above $0.768 last week.
In the oil markets, international benchmark Brent crude futures rose 0.18% in the morning of Asia trading hours to $55.14 per barrel. U.S. crude futures were flat at $52.20 per barrel.
Source: CNBC