The main data focus of today’s session here in the Asia-Pacific region was the Caixin/S&P Global Manufacturing PMI for May 2023. It was expected to continue to shrink, especially after yesterday’s very disappointing official PMI, China’s National Bureau of Statistics PMI (NBS). ). eye stain:
PMI surged today, slightly above expectations and a significant improvement from April. The Australian dollar rose during trading on the positive results, while the renminbi and Chinese stock markets also rose.
Other data showed Australian first-quarter capital spending hit a seven-year high in the first quarter and the outlook for further business spending is robust. It should be noted that rising equipment and building costs contributed to the improvement.
In Japan, the manufacturing PMI turned to increase for the first time in seven months. First-quarter capex data marked his eighth consecutive quarter of increase, with capex increasing at his fastest pace since 2015.
The notable news, though expected, was the approval of a bipartisan US bill to suspend the government’s $31.4 trillion debt ceiling. The US House of Representatives passed the bill with a majority. The bill is now up for vote in the Senate and is expected to pass there as well. US stock index futures surged on Globex after news of the death. However, this quickly reversed, and as of the time I’m updating, ES and NQ aren’t far from their lows.
Asian stock markets:
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Japan’s Nikkei Average +0.3%
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China Shanghai Composite +0.4%
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Hang Seng in Hong Kong +0.8%
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KOSPI in South Korea -0.4%
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Australia S&P/ASX 200 +0.4%
