Most Asian markets began the new quarter on a weak footing Monday as a further slowdown in manufacturing activity in China, South Korea and Taiwan raised concerns about the health of those economies.
Japanese shares ended at their best level in more than a
month as the U.S. dollar rose above ¥99 and the Bank of Japan’s
quarterly tankan survey showed a sharp improvement in sentiment at large
businesses.
Japan’s Nikkei Stock Average rose 1.3% at 13,852.50, its highest finish since May 29.
Investor sentiment in multiple markets was hurt by business
conditions facing Chinese factories in particular, with stocks traded
in Australia — a key supplier of various minerals to the country —
suffering steep losses.
The day’s broad losses came as two separate surveys in
China showed a further loss of momentum in factory activity. The reading
of the official manufacturing Purchasing Managers’ Index for June
dropped to 50.1 from 50.8 in May. Another survey by HSBC showed the
monthly PMI falling to 48.2 in June from 49.2 in May.
Australia’s S&P/ASX 200 tumbled 1.9% as the country began a new financial year.
South Korea’s Kospi lost 0.4%, and Taiwan’s Taiex shed 0.3%.
China’s Shanghai Composite ended 0.8% higher
after a choppy trading session. The gains followed a hefty drop of 14%
for the index in June. Hong Kong markets were closed for a holiday.
Shares of banks ended mostly higher, erasing early losses.
Over in Shanghai, shares of Industrial & Commercial Bank of China
Ltd. added 0.3%, and Agricultural Bank of China Ltd. climbed 1.2%.
Shares of some miners retreated in Sydney after the
downbeat China PMI figures, while banks lost ground on economic worries
as investors looked ahead to Tuesday’s monetary-policy meeting at the
Reserve Bank of Australia.
Among miners, shares of BHP Billiton Ltd. dropped 1.4%,
and Rio Tinto Ltd. gave up 1.2%. In the banking space, Westpac Banking
Corp. gave up 3.2%, and National Australia Bank Ltd. lost 2.4%.
The advance in Tokyo came as the Bank of Japan’s quarterly
tankan survey, released just ahead of the markets open Monday, showed an
improvement in sentiment at both large manufacturers and
non-manufacturers, with the former showing positive sentiment for the
first time since mid 2011.
Several exporters advanced as the U.S. dollar had moved
above the ¥99 handle since the previous session. Nissan Motor Co.
climbed 1.1%, Mazda Motor Corp. added 4.9%, and Mitsui Engineering
& Shipbuilding Co. gained 6.2%.
In Seoul, shares of Hyundai Motor Co. lost 1.1%, and steel maker Posco gave up 0.8% after the PMI data.
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