Forex Marketz Daily Forex News – Fully Markets Update
Asian trader sentiment was strong as the Asian and Pacific Rim trading session headed into the afternoon. Most of the major indices were broadly higher.
Traders were cheering better than expecting Caixin manufacturing survey out of China for the month of November.
The Japanese equity indices led the Asian area higher. The Nikkei 225 was up over 1.1 percent as traders headed into the afternoon trade hours. Shares of heavyweight Fanuc added 1.48 percent. In Tokyo, the broader Topix index was up well over one percent, as well.
Across the Korean Strait, the South Korean Kospi composite index was up 0.35 percent. In Australia, shares on the headline S&P ASX 200 were up 0.58 percent.
In Hong Kong, the Hang Seng index tacked on 0.46 percent.
On the mainland, in China, the headline Shanghai composite was up 0.35 percent. Shares on the smaller Shenzhen composite rose 0.47 percent. The Shenzhen component was also trading higher by lunch time.
Asian Markets Move Higher on Chinese Data despite Negative Trade Related News
Today, China released the private Caixin manufacturing survey. This key survey showed that factory activity, for November, expanded at its fastest pace in nearly three years. This followed stronger than expected official economic data. That survey was released over the weekend.
This survey showed that total new orders and factory production were performing nicely and expanding.
Now looking at current trade headlines between China and the United States, the U.S. negotiating team said that tensions over Hong Kong have stalled trade talks.
These developments could delay the signing of a preliminary trade accord.
However, this negative news did not dent overall market sentiment in Asia.
Last week, China warned the United States that Beijing would take “firm countermeasures” in response to the U.S. passing controversial legislation and President Trump signing the bill into law. This bill is in support of pro-democracy protesters in Hong Kong. Beijing has yet to specify any details.
