SINGAPORE — Stocks in Asia-Pacific rose in Monday morning trade, with data released over the weekend showing China’s manufacturing activity grew at a slightly slower rate in October.
In Japan, the Nikkei 225 gained 1.01% in early trade while the Topix index jumped 1.63%. South Korea’s Kospi added 0.58%.
Meanwhile, shares in Australia swung between positive and negative territory, with the S&P/ASX 200 last trading 0.13% higher.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed.
Oil prices dropped in the the morning of Asian trading hours, with international benchmark Brent crude futures down 4.69% to $36.16 per barrel. U.S. crude futures declined 5.14% to $33.95 per barrel.
China economic data
Investor focus on Monday will likely be on China’s economy. China’s official manufacturing Purchasing Managers’ Index (PMI) for October came in at 51.4, according to the country’s National Bureau of Statistics. That was slightly lower than the 51.5 reading in September.
PMI readings above 50 signify expansion, while those below that indicate contraction. PMI readings are sequential and represent on-month expansion or contraction.
A private survey on China’s manufacturing activity is expected on Monday, with the Caixin/Markit manufacturing PMI set to be out at around 9:45 a.m. HK/SIN.
On the coronavirus front, U.K. Prime Minister Boris Johnson announced Saturday that England will adopt a second national lockdown starting Thursday following a surge in virus cases.
The U.S. has also been dealing with a recent spike in infections, with the nation reporting 99,321 new Covid-19 cases on Friday, beating its previous record set only a day prior, according to Johns Hopkins University. That comes just ahead of this week’s elections stateside.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.109 after rising from levels below 93 late in October.
The Japanese yen traded at 104.62 per dollar after weakening from levels below 104.4 against the greenback last week. The Australian dollar changed hands at $0.7013 after weakening sharply last week from levels above $0.708.
Here’s a look at what’s on tap:
- China: Caixin/Markit manufacturing PMI at 9:45 a.m. HK/SIN