Mon. Nov 28th, 2022

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Asian shares rise again

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Asian shares

Shares in Asia-Pacific were higher in Tuesday trade as investors react to the release of a private survey of China’s manufacturing activity.

The Caixin/Markit manufacturing Purchasing Managers’ Index for November came in at 54.9 — its highest reading in a decade. PMI readings above 50 signify expansion, while those below that level represent contraction.

On Monday, the official manufacturing PMI for November came in at 52.1, according to the National Bureau of Statistics — the highest reading in more than three years.

Mainland Chinese stocks were higher by the afternoon: The Shanghai composite gained 1.31% while the Shenzhen component rose 1.267%. Hong Kong’s Hang Seng index added 0.93%.

In Japan, the Nikkei 225 advanced 1.55% while the Topix index added 0.87%. South Korea’s Kospi gained 1.37%.

Shares in Australia also rose, as the S&P/ASX 200 jumped 1.34%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.07%.

The Reserve Bank of Australia (RBA) on Tuesday held steady on its rates.

“For its part, the Board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range,” RBA Governor Philip Lowe said in a statement. “The Board will keep the size of the bond purchase program under review, particularly in light of the evolving outlook for jobs and inflation. The Board is prepared to do more if necessary.”

Following that announcement, the Australian dollar was at $0.7369 after declining from levels around $0.74 yesterday.

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