Asian stocks closed mixed on Friday as the Chinese manufacturing sector showed an improvement. The Japanese stocks dropped lower on a weak corporate data.
The Japanese benchmark Nikkei 225 index edged 0.88% lower at 4,201.57, while Tokyo’s broader gauge, the Topix index declined 0.94% to 1,183.03.Nikkei’s main market mover’s, Sony said it was struggling to maintain the sales of digital cameras and televisions in the competitive market. Sony’s stocks declined more than 11%.While Panasonic shares climbed 6% higher.
The Bank of Japan (BoJ) changed its growth forecast to 1.5% next year, higher than the previous forecast of 1.3%. BoJ also forecasted that its 2% inflation rate target would be achieved by 2015, while its current monetary easing policy remains unchanged.
Gains were seen in the Chinese trading session, as Hong Kong’s benchmark Hang Seng climbed 0.20% higher to 23,252.87 as of 7:04am GMT, while the mainland Shanghai Composite traded 0.37% higher to 2,149.56 after China’s National Bureau of Statistics revealed that China’s manufacturing sector expanded in October.
The Chinese government manufacturing gauge revealed that the country’s PMI came in at 51.4 in October, compared to the previous reading of 51.1 seen in September and surpassing analysts’ forecast of 51.2.
A separate report released by HSBC showed a comparable result, revealing the manufacturing edged higher at 50.9 in October, from 50.2 in September.
Qu Hongbin, Chief economist in HSBC said China is gradually recovering after the country experienced a fall in growth in the second-quarter.
The South Korean Kospi index climbed 0.46% higher to 2,039.42, after the Korea National Statistical Office confirmed the South Korean consumer price inflation dropped to a negative 0.3%.
The Australian benchmark S&P/ASX 200 index edged 0.26% lower at the closing bell at 5,411.12, after the Australian Bureau of Statistics confirmed that Australia’s producer price inflation surpassed forecasted made by analysts.
The report also revealed wholesale inflation was at 1.9% in the September quarter, compared to 1.2% seen in the previous quarter, driven by the higher utilities prices.
Australia’s manufacturing gauge showed the sector was slightly recovering and expanding for the second month in October.
Interested in trading Asian Stocks Online?
Visit www.hymarkets.com and start trading today with only $50.
The post Asian Stocks Mixed On Strong Chinese Manufacturing Data appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog