SINGAPORE — Asian markets were in positive territory on Wednesday, with oil prices continuing to rise. Meanwhile, China released its data on manufacturing activity in the morning.
Mainland Chinese stocks rose in early trade. The Shanghai composite was up 0.19%, while the Shenzhen component was nearly flat.
Hong Kong's Hang Seng index was subdued, edging down 0.25%.
China's official manufacturing Purchasing Manager's Index (PMI) grew at a slower clip in June — hit by a resurgence of Covid-19 cases in the major export province of Guangdong that led to port disruptions.
The reading eased to 50.9 in June from 51 in May, according to Reuters. The 50-point mark separates growth from contraction.
"The latest survey readings are consistent with our view that the pace of growth will wane this year now that the economy is already above its pre-virus trend," Julian Evans-Pritchard, senior China economist at Capital Economics, wrote in a note. "Foreign demand for Chinese consumer goods is likely to drop back further over the coming quarters as vaccine rollouts allow global consumption patterns to normalise."
Other Asia markets
Japan's Nikkei 225 was just above the flatline, and the Topix edged up 0.13%.
South Korea's Kospi was up 0.38%. Tech stocks jumped, with SK Hynix up 2.8% and LG Electronics rising 1.55%.
Over in Australia, the S&P/ASX 200 jumped 0.61%. Major mining names were in positive territory, with Rio Tinto and Fortescue Metals jumping more than 2%.
Over on Wall Street, stocks were little changed in light trading although the S&P 500 did notch its 4th straight positive session and an all-time high. The Dow rose 9 points, or less than 1%. The S&P 500 ended the day 0.03% higher and the Nasdaq Composite ended the day up 0.2%
Oil prices continue to rise
Oil prices continue to rise this week after hitting their highest level since 2018 last week.
On Wednesday, international benchmark Brent crude futures edged up 0.42% to $75.20 per barrel, while U.S. crude futures jumped 0.79% to $73.50 per barrel.
"For Malaysia, in contrast to India, the rise in global oil prices will be a welcome development," Mizuho Bank wrote in a note on Wednesday. Malaysia is a key oil exporter in the region. Its 2021 budget assumes oil prices of $42 a barrel and prices are now above $73 a barrel, creating some extra revenue for the country, the bank noted.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.051 — jumping above levels above 91.7 seen earlier this week.
The Japanese yen traded at 110.48 per dollar, stronger than levels above 110.8 seen earlier in the week. The Australian dollar changed hands at $0.7518, down from levels around 0.758 seen earlier this week.
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June 30, 2021 at 06:55AM
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Asia markets trade higher; data shows Chinese factory activity slowed in June - CNBC
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