Asian Markets are Higher as Chinese Shares Jump 3%

The headline financial markets throughout the Asian and Pacific Rim are attempting a recovery on Monday morning. However, sentiment remains quite mixed.

Asian traders are digesting weaker than expected manufacturing data out of China, for the month of February.

The Asian benchmark in Japan, the Nikkei 225 was up over one percent as it bounced back from early losses.

In Japanese corporate news, shares of Sharp were up 2.5 percent as the company is reporting that they are making face masks, to help shield against the COVID-19 virus,=. This is to help decrease a shortage in the region and around the world.

In South Korea, the Kospi composite index was up 1.3 percent.

On the mainland in China, the headline equity markets surged trying to recover Friday’s steep losses.

The Shanghai composite was up 2.7 percent. At one point, shares were up three percent. The Shenzhen composite was up 2.8 percent.

In Hong Kong, the Hang Seng index added about three quarters of a percent.

Asian Sentient Remains on Edge as Chinese Factory Data Misses the Mark

Traders are worried as supply chains are being disrupted and for the month of February, China’s factory activity slowed precipitously.

Looking at economic data, out of China, the private Markit/Caixin purchasing managers’ index (PMI) fell to 40.3 in February. This was well below the expected 45.7 and 51.1 seen in January.

Last week, at one point, the markets were somewhat hopeful that the COVID-19 virus could be contained. These hopes have been dashed as the infection continues to spread around the world.

These fears have buffeted the global financial markets which have seen equities and other risk assets sell off over the last week.

Health Officials Report More Cases in the U.S.

Health authorities in Washington DC have confirmed the second death from the contagion. The patient was a 70 year old man from Washington State.

The first case has also been reported in Manhattan. A woman who recently traveled to Iran is currently home quarantined. The Governor of New York, Andrew Cuomo has confirmed the first case in the state. He did not offer any further details.