Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Asian shares advance as investors shrug off drop in China PMI

Asian shares advance as investors shrug off drop in China PMI

Asian stocks advanced on Monday in late morning trade led by Japanese markets, which reopened after a long weekend, and as investors were unfazed by a drop in Chinese manufacturing.

The MSCI Asia Pacific Index rose 0.9% to 134 as of 11:15 a.m. in Tokyo. Japan’s Topix index surged 2.1% after a three-day weekend and Nikkei share average rose 1.3%. Hong Kong’s Hang Seng Index rose 1.1%, while China’s Shanghai Composite Index added 0.6%.

South Korea’s Kospi index added 0.4%. Australia’s S&P/ASX 200 Index slid 0.1%, while New Zealand’s NZX 50 Index gained 0.1%. Taiwan’s Taiex index lost 0.1%. Singapore’s Straits Times Index rose 0.9%.

Shares held gains after the China Purchasing Managers’ Index from HSBC Holdings and Markit Economics unexpectedly dropped to 48.1 in March from 48.5 a month earlier.

Investors also watched the development of the Ukraine crisis. Leaders of the US, the European Union, China, Japan and others meet today, with President Barack Obama seeking to mobilise opposition to Russia’s incursion into Crimea.

In corporate news, Macquarie Group Ltd. added 2.8% as Australia’s biggest investment bank said it expects full-year earnings will rise as much as 45%.

Yamato Holdings Co., a parcel delivery company, surged 3.4% in Tokyo on a report it will form a tie with China Post Group.

China Petroleum & Chemical Corp., Asia’s biggest refiner, fell 0.3% in Hong Kong after its profit missed analyst estimates.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter