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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.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.