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SINGAPORE – Asia-Pacific stocks traded higher on Monday, with data released showing that growth in manufacturing activity in China was slowing in February.
In Japan, the Nikkei 225 index rose 2.36% in morning trading, as the index tried to recover from its nearly 4% drop on Friday. The Topix index gained 1.7%.
Mainland China stocks were higher, with the Shanghai composite gaining 0.89% while the Shenzhen component surging 2.03%. Hong Kong’s Hang Seng Index rose 1.44%.
Australian stocks edged up as the S & P / ASX 200 gained 1.44%.
The MSCI’s largest Asia-Pacific stock index outside of Japan was up 0.98%.
South Korean markets are closed Monday for holidays.
Manufacturing PMI in China
China’s official purchasing managers index in manufacturing (PMI) for February stood at 50.6 over the weekend, according to data released by the country’s National Bureau of Statistics.
This was lower than the January reading of 51.3 but still above the 50 level that separates expansion from contraction.
A private survey released on Monday also showed that China’s manufacturing activity in February was growing at a slower pace.
The Caixin / Markit Manufacturing Purchasing Managers Index (PMI) entered at 50.9, down from January’s reading of 51.5.
Levels above 50 in PMI readings represent expansion while those below mean contraction. PMI readings are sequential and show monthly expansion or contraction.
Bond yields fall
Movements in Asia-Pacific markets came as bond yields fell.
The benchmark 10-year Treasury yield fell to 1.383%, the last trade at 1.4169%. Prices move inversely with returns.
In Asia-Pacific, the Australian 10-year bond yield slipped to 1.652%, after seeing levels above 1.8% last week. The yield on 10-year Japanese government bonds also fell to 0.155%.
Oil prices jump
Oil prices were higher on the morning of trading hours in Asia, with international benchmark Brent futures rising 1.92% to $ 65.66 a barrel. US crude futures rose 1.9% to $ 62.67 per barrel.
The US dollar index, which tracks the greenback against a basket of its peers, was at 90.812 after falling from levels below 90 in late February.
The Japanese yen traded at 106.60 per dollar, weaker than levels below 105.6 against the greenback seen last week. The Australian dollar changed hands at $ 0.7752, after slipping from levels above $ 0.792 last week.
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