In Asian trading Monday, Japan’s Nikkei 225 rose 0.81% after the Ministry of Finance said that Japanese capital spending was 0% in the second quarter following a first-quarter contraction of 3.9%. Economists expected a second-quarter contraction of 2.6%.
Hong Kong’s Hang Seng’s surged 1.78%, but the Shanghai Composite fell 0.34% after the China Logistics Information Center said that Chinese Manufacturing PMI rose to 51 last month from 50.3 in July. Economists expected an August reading of 50.6. The HSBC flash reading was just 50.1. Readings above 50 indicate expansion.
Australian stocks rallied following the China PMI data with the S&P/ASX 200 climbing 0.70%. Earlier Monday, the Australian Bureau of Statistics said that Australian building approvals rose 10.8% last week following a 6.3% drop in the previous week. The prior week’s figure was revised up from a drop of 6.9%. Analysts expected an increase of 4%.
In another report, the Australian Bureau of Statistics said that Australian gross operating profits fell 0.8% in the second quarter after rising 3.5% in the first quarter. Analysts expected a second-quarter decline of 0.7%.
The outcome of Tuesday’s Reserve Bank of Australia policy meeting will also be in focus. On August 6, the RBA lowered its benchmark interest rate to a record low 2.5%.
New Zealand’s NZSE 50 rose 0.78%. Both China and New Zealand count China as their largest export market.
South Korea’s Kospi inched down 0.03% after the Korea National Statistical Office said that South Korean consumer price inflation rose 0.3% last month after a 0.2% rise in July. Analysts expected a 0.4% August increase.
Singapore’s Straits Times Index added 0.62%. S&P 500 futures added 0.59%. U.S. markets are closed Monday for a public holiday. August was the worst month for U.S. stocks since May 2012.
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