Asian Markets React to Positive PMI Readings and Trade Tensions

In a day marked by fluctuating fortunes, major stock exchanges across the Asia-Pacific region mostly recorded gains. This upward trend was primarily fueled by improved manufacturing activity across several countries. However, the shadow of escalating US-China trade tensions loomed large, with reports suggesting China is preparing countermeasures against US tariffs.

Market Movements Across the Region

In mainland China, the Shanghai Composite experienced a slight dip of 0.21% by 7:20 am CET, while the Shenzhen Composite saw a modest increase of 0.28%. Hong Kong's Hang Seng index remained stable, and South Korea's Kospi Composite was closed for a holiday. Meanwhile, Australia's S&P/ASX 200 and Japan's Nikkei 225 recorded significant gains, with the latter surging by 1.60%.

Currency Fluctuations

On the currency front, the dollar was trading slightly lower against the yen, marking a 0.14% decrease by 7:22 am CET.