Asian stocks soar on Caixin manufacturing PMI

On Tuesday, Asian equities gained, with market sentiment driven by upbeat Caixin July manufacturing PMI figures.

In Japan, Nikkei 225 index rallied 0.22%. In Australia, the S&P/ASX 200 went up 0.77%, bolstered by strength in its energy sub-index that gained 1.9%.

The Reserve Bank of Australia held its interest rates intact at a record minimum 1.5%. The given outcome was generally expected by market participants.

In Hong Kong, the Hang Seng Index showed a 0.73% leap. The Shanghai Composite acquired 0.41%.

Tuesday’s Caixin manufacturing PMI hit 51.1, outperforming the expected reading of 50.4.

Overnight, Wall Street equities concluded at record maximums because investors kept expecting positive corporate earnings would back a move higher in market averages compensating the recent descend in tech equities.

American equities made a mixed start to the trading week because market sentiment on corporates earnings was still bullish, after Friday’s reports from Factset revealed that 73% of the S&P 500 companies, which had posted earnings the previous week, surpassed estimates on both the top as well as bottom lines.