Asian shares rose on Tuesday after data showed China’s manufacturing crisis
Asian shares rose on Tuesday after data showed China’s manufacturing sector grew more than expected in June, a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis.
- MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.9%,.
- US stock futures, the S&P 500 e-minis, advanced 0.23%.
- The stock market in Australia, which has crucial economic links with China, rose 1.59%, while shares in China gained 0.72%.
- Hong Kong stocks jumped 1.18%, undeterred by the Chinese parliament’s passage of a security law that will increase Beijing’s control over the former British colony.
- The Nikkei rose 2%, shrugging off a larger-than-expected decline in Japanese industrial production.
- In currency markets, the dollar held onto gains against the yen and the Swiss franc as the increase in coronavirus infections supported safe-haven demand for the greenback.
- In the onshore market, the yuan rose slightly to 7.0685 against the dollar.
US crude fell 0.48% to $39.51 a barrel, while Brent crude slipped 0.31% to $41.58 a barrel, weighed by concerns about oversupply after Libya cited progress in resuming oil exports.