Monday’s trading activity in Asia was dominated by gains as investors continued to analyze the region’s key manufacturing data.
Australia’s S&P/ASX 200 gained 0.70% as of 9.31 AM Bangkok time, while Japan’s Nikkei 225 rose 0.31%. The Kospi in South Korea was slightly down.
In mainland China, the Shanghai Composite Index climbed by 0.19%.
The Hang Seng index in Hong Kong, on the other hand, was down by 0.28%.
As OPEC+ members agreed to reduce over 1 million barrels per day to extend through the end of 2023, Brent crude futures and U.S. West Texas Intermediate crude futures (WTI) rose by as much as 8%.
The decline in manufacturing in Japan slowed to its slowest pace in five months. According to a private poll, the manufacturing PMI in March jumped to 49.2% from February’s reading of 47.7%.
Meanwhile, the Purchasing Managers’ Index for manufacturers in China reported by Caixin/Markit in March was 50, below the 51.7 predicted by Reuters’ poll.
The March reading decreased from 51.6 in February, which was above the 50-point threshold that distinguishes growth from contraction.
On Friday, U.S. stocks increased after the Federal Reserve’s favored inflation indicator indicated a slower-than-anticipated price increase. The three major US indexes all ended the day with gains, with the Nasdaq Composite posting the largest gain (1.74%).
