Stocks across the Asian region was swinging in between gains and losses on Wednesday after a Chinese manufacturing data showed continuous slowdown in the world second-largest economy. Meanwhile, Japanese and Australian stock saw gains.
In Europe, stocks were little changed after climbing on Tuesday to its highest in seven weeks as traders focus on quarterly earnings release for some major companies.
The Euro Stoxx 50 dropped 0.11% to 3,196.30, while the German DAX climbed 0.03% higher to 9,603.42 at the time of writing. At the same time in France, CAC 40 edged 0.17% lower to open at 4,476.56, while the UK’s benchmark FTSE 100 rose 0.05% higher to 6,684.76.
Investors are expecting the Markit Eurozone manufacturing PMI gauge to be released later in the day and expected to remain unchanged at 53 in April, according to analysts. The flash manufacturing Purchasing Managers Index (PMI) for Germany is expected to slightly rise from 53.7 in March to 53.8 in April, according to analysts forecast.
In France, the country’s flash PMI in manufacturing dropped to 50.9 in April, falling from the previous reading of 52.1 in the previous month.
The Japanese benchmark Nikkei 225 edged 1.09% higher to 14,546.27, while Tokyo’s broader Topix index climbed 0.97% to 1,173.81 at the time of writing.
The Japanese yen edged 0.02% higher to 102.61 yen at the time of writing, but remained weak. Retail company, Marui Group saw the most gains on the Nikkei 225, climbing 4.7% higher. However, Mitsui Engineering and Shipbuilding lost 4.7%.
In China, Hong Kong’s Hang Seng gauge fell 0.87% to 22,533.78 on Wednesday, while the mainland benchmark Shanghai index shed 0.47% to 2,063.19, with both indices clearing previous gains.
Meanwhile, preliminary Purchasing Mangers’ Index for HSBC and Markit Economics for April came in at 48.3, in line with analysts estimated but still below the 50-mark which is between expansion and contraction.
New exports dropped from 51.3 to 49.3, adding to concerns that the world second-largest economy is slowing down.
In Sydney, the benchmark S&P/ASX 200 index rose 0.63% higher to 5,514.00, while the Consumer Price Index edged 2.9% higher on an annual basis for the first three months of the year, according to reports.
The aussie weakened to a two-week low of $0.9274, following the release. Resolute Mining climbed 6.5%, while the iron ore miner Atlas Iron shed 3.1%, the lost in the day.
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