Major Asian stocks were seen in green on Tuesday, driven by the positive manufacturing data from Europe and China, along with the Markit’s euro area manufacturing Purchasing Manager’s Index (PMI) boosted to 51.4 points in August. While the Official PMI rose to a 16-month high of 51.0 points from previous reading of 50.3 points in July.
The Japanese yen was weakened to a one-month low against the greenback, boosting the country’s stock and driven by the upbeat data which shows that the global economy is recovering and stabilizing. The yen was traded 0.13% lower at ¥99.45 at the time of writing.
Japan’s benchmark Nikkei 225 advanced on Tuesday, edging 2.99% higher to 13,978.44 points and reaching a three-week high during the session.
The Bank of Japan (BoJ) announced that the country’s monetary base rose from previous record of 38% in July to 42% in August, exceeding analysts forecast of 41.3%. Japan’s spending signified above-forecast figures as it was recorded flat in the second-quarter.
A separate report released from the Japanese Ministry of Health, Welfare and Labour revealed that Japan’s average cash earnings increased 0.4%.
Exporters were driven by the country’s weaker yen, with Honda Motors, Japan’s second-largest automobile manufacturers edging 1.8% higher and Toyota Motor gained 3% during the day. Mitsubishi Motors, the sixth biggest automaker in the country, soared 7.5% higher.
Tokyo’s broader Topix index surged a massive 2.81% to 1,149.18 points.
Asian Stocks – China Positive Data
Gains were seen during the session in China , with Hong Kong’s Hang Seng rose 0.88% higher to 22,371 points and the Chinese mainland Shanghai index advanced 1.18% to 2123.10 points.
Chinese companies were driven by the upbeat manufacturing data, suggesting that the country’s economy is recovering at a faster pace.
The official non-manufacturing PMI for August declined from July’s 54.3 points to 53.9 in August, according to reports from the National Bureau of Statistics.
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