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Wednesday 02:35 GMT
What do you want to know
- Asia-Pacific stocks climb
- Chinese manufacturing PMI missing estimates
- Dollar hovers at 16-month high
- Oil prices are back on the ground
Overview
Asian and peaceful stocks closely followed by Wall Street progress despite disappointing reading of China's manufacturing sector
Hot topic
Chinese companies CSI 300, listed in Shanghai and Shenzhen, rose 0.7%, ending a tumultuous month in which regulators have worked to support a market undermined by the slowdown in economic growth and the trade war between the two countries. United States and China.
The gain for Chinese stocks was achieved despite official figures showing that growth in the country's manufacturing sector has slowed. The official Purchasing Managers Index in the manufacturing sector was 50.2, which is lower than the estimate and brings it closer to the 50-point line between expansion of contraction.
Julian Evans-Pritchard, chief economist for China's Capital Economics, said Caixin's private manufacturing PMI, due to be released on Thursday, would give a more complete picture of the trend. "Official PMIs suggest that if political support starts to have an effect, it has not yet fully offset the downward pressure on growth," he said. "We believe that more tax and monetary easing will be needed in the coming months to help stabilize growth."
After a better performance on Wall Street, where the S & P 500 and Nasdaq Composite gained 1.6%, Japan's Topix rose 1.2%, technology stocks up 2% and industrial products up 1, 7%. Nevertheless, the index continues to experience its worst performance of one month in more than six years, down 10.1%. Data released Wednesday point to a stronger Japanese industrial output than expected in September.
In South Korea, Kospi Composite was up 0.3%, according to figures showing that industrial production fell by 8.9% in September, the largest decline since 2009.
The Hang Seng index in Hong Kong rose 0.9%, the technology sector gaining 2.3%. Despite this gain, the benchmark is down 10.7%, its weakest month since October 2015.
Australia's S & P / ASX 200 was up 0.4% as financial services rose 0.9% on the strength of the rise in major banks. The Commonwealth Bank of Australia rose 1.3% after the bank announced that it was selling its global asset management business to Japan's Mitsubishi UFJ Trust and Banking Corporation for $ 2.93 billion. dollars.
Forex
In currencies, the dollar index, which measures the greenback against a basket of peers, reached its highest level in 16 months after climbing in the previous session, the weak growth of the euro area having weighed on the euro. The euro remained stable at 1.1345 USD, while the British pound did not move at 1.2708 USD. The Japanese yen was virtually unchanged at ¥ 113.13 per dollar, ahead of the Bank of Japan's decision on interest rates later on Wednesday.
The renminbi exchange rate on the Chinese domestic market, which is allowed to fluctuate 2% across the central mid-point fixed by the central bank, has remained stable at the low of $ 10.9 billion. rands against the dollar. The offshore renminbi fell 0.1% to 6.9728 rand after hitting a new low 10 years earlier in the session.
The Australian dollar has retreated 0.4% to US $ 0.708 from its US counterpart after consumer prices rose at a slower than expected pace.
Fixed income
In the sovereign debt markets, the 10-year US Treasury yield rose 1 basis point to 3.13%, while the 10-year Japanese government bond yield rose 1 basis point to 0.115. %.
Basic products
Oil prices rebounded, with Brent crude rising 0.7% to $ 76.40 a barrel after dropping nearly 2% in the previous session due to concerns over slowing economic growth World. West Texas Intermediate rose 0.5% to $ 66.50 a barrel.
Gold was down 0.2% to 1220 dollars an ounce.
For market updates and comments, follow us on Twitter @FTMarkets
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