SINGAPORE — Stocks in Asia-Pacific traded mixed on Wednesday as a private survey showed China’s services sector activity growth slowing sharply in January.
Mainland Chinese stocks fell in morning trade, with the Shanghai composite down 0.63% while the Shenzhen component shed 0.343%. Hong Kong’s Hang Seng index fell 0.62%.
The Caixin/Markit services Purchasing Managers’ Index for January came in at 52, representing growth at its slowest pace in nine months. That compared against December’s reading of 56.3.
Levels above 50 in PMI readings represent expansion while those below that level signify contraction. PMI readings are sequential and show on-month expansion or contraction.
Elsewhere in the region, most other markets traded higher.
In Japan, the Nikkei 225 rose 0.66% while the Topix index advanced 0.8%. South Korea’s Kospi gained 0.27%.
Shares in Australia also rose as the S&P/ASX 200 gained about 1.13%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.44% higher.
In corporate news, Hong Kong-listed shares of Alibaba fell more than 4% in morning trade despite the Chinese tech giant reporting that its cloud division was profitable for the first time.
Overnight stateside, the Dow Jones Industrial Average soared 475.57 points to close at 30,687.48 — its best daily performance since November. The S&P 500 rose 1.4% to finish its trading day at 3,826.31 while the Nasdaq Composite gained 1.6% to close at 13,612.78.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.025 following its rise from levels below 90.8 earlier this week.
The Japanese yen traded at 104.94 per dollar, still weaker than levels below 104 against the greenback seen last week. The Australian dollar changed hands at $0.761, off levels above $0.762 seen yesterday.
Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.23% to $57.59 per barrel. U.S. crude futures gained 0.27% to $54.91 per barrel.
Source: CNBC