Most major Asian shares started the week higher which was driven by the massive above-forecasted Chinese manufacturing PMI, showing that the global economy recovery will increase its pace. While Japan’s benchmark Nikkei index was assisted by the predictions that Japan is expected to host the Olympics along with the weaker yen.
Asian Shares – Japan
Japan’s benchmark Nikkei 225 began the trading week in gains, climbing 1.4% to 13,576.00 points. The index recovered from its Friday’s losses, while investors predict the Japan’s capital may host 2020 Summer Olympics as it would also boost the contraction and real estate sectors. Tokyo is competing with Madrid and Istanbul to host the 2020 Summer Olympics, the final decision is expected to be announced on September 7.
Tokyo’s leading real-estate developer Mitsui Fudosan gained 2.7%, Sekisui House surged 2.35% while Daiwa House Industry advanced 1.36% were among the firms that advanced.
The Japanese yen weakened against the US dollar and traded 0.48% lower at ¥98.57 at the time of writing, increasing the country’s exporters.
Some of the exporters that were assisted by the weaker yen were the world’s largest automaker Toyota Motors advanced 11%, Sony gained 0.3 and Mitsubuschi Electric rose 3.6%.
Japan’s Ministry of Finance announced that the country’s second-quarter capital spending reached the verge between contraction and expansion territory after posting a first-quarter contraction of 3.9%.
Kajima Corporation was the index that advanced the most, edging up 5.7%, while Tokyo Electric Power Company declined 6%.
Tokyo’s broader Topix index rose 1.12% to 1,118.48 points.
Asian Shares – China’s PMI
The trading session in China was mixed as Hong Kong’s Hang Seng rose 1.81% to 22,125.00 points, while the country’s benchmark Shanghai Composite declined 0.16% to 2,101.67 points.
China’s official data showed that the manufacturing Purchasing Manager’s Index (PMI) expanded, advancing from previous reading of 50.3 in July to 51.0 in August.
According to a survey taken by HSBC, the survey showed that August’s figures remained above the 50-point level.
With the better-than-expected PMI data revealed, the banks are expecting a boost in world’s second largest economy.
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