Asia markets kick-start data-heavy week higher, with focus on China PMI and India GDP
Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China.
Zhang Zhuoming | VCG | Getty Images
Asia-Pacific markets started Monday higher, with investors focused on key economic data from China and India due later this week.
The world’s second-largest economy will release its official purchasing managers’ index reading on Friday, while India will post its fiscal fourth-quarter gross domestic product numbers.
Australia will also announce its inflation data for April on Wednesday, with analysts from ING expecting a “modest dip.”
Japan’s Nikkei 225 climbed 0.39% and the broad based Topix was up 0.4%, rebounding from Friday’s losses.
South Korea’s Kospi was 0.3% higher, while the small-cap Kosdaq rose 0.35%.
The Australian S&P/ASX 200 also gained 0.52%, on pace to snap a four day losing streak.
Futures for Hong Kong’s Hang Seng index stood at 18,659, pointing to a stronger open compared with the HSI’s close of 18,608.94.
On Friday in the U.S., the Nasdaq Composite closed at a fresh record high as gains in chipmaker Nvidia outweighed worries that the Federal Reserve will delay interest rate cuts.
The tech-heavy index advanced 1.1%, ending at 16,920.79. The S&P 500 rose 0.7%, while the Dow Jones Industrial Average edged up 0.01%.
U.S. markets will be closed for a holiday on Monday.
— CNBC’s Brian Evans and Hakyung Kim contributed to this report.
Source – Middle east monitor
