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Aug. 2, 2021, 12:14 a.m. EDT

Asian markets gain even as China’s manufacturing slows

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By Associated Press

SINGAPORE — Asian stocks started the week higher Monday, even as China reported a slowdown in manufacturing activity and countries in the region continued to be hammered by the delta variant.

Tokyo’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +2.96% jumped 1.9%, while the Kospi /zigman2/quotes/210598069/delayed KR:180721 +2.50% in Seoul rose 0.3%. The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.83% in Hong Kong advanced 0.9% after being in the red for much of the morning.

The Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.55% added 1.5%, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +3.75% was up 1.3%. Benchmarks in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.84% and Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +2.08% rose while those in Singapore /zigman2/quotes/210597985/delayed SG:STI +1.02% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.89% fell.

The gains in China follow data released Saturday by the National Bureau of Statistics showing the country’s official purchasing managers’ index fell to 50.4 in July from 50.9 in June. Numbers above 50 indicate expansion on the 100-point scale.

On Monday, a monthly manufacturing survey issued by a business magazine, Caixin, put July’s reading at 50.3 . That was down from June’s 51.3.

The official figure was the lowest since February 2020, when a lockdown to prevent the spread of the coronavirus was in place. Analysts had expected a smaller easing of manufacturing activity.

China is also dealing with an outbreak of the delta variant of the coronavirus, which has already been running rampant in many other Asian nations.

“None of the factors for slower manufacturing and non-manufacturing growth have gone away,” Iris Pang of ING said in a report.

“In fact, more policy directions were announced on 30 July, and they are directly from a meeting chaired by President Xi. Those policies aim at solving problems to achieve long-term economic stability, which could sacrifice short-term growth momentum,” she said.

Investors are also watching a crackdown by Beijing on Chinese tech companies, even as authorities moved to soothe fears.

Games and social media giant Tencent Holding Ltd. /zigman2/quotes/204605823/delayed HK:700 -0.98% fell 2.8% in Hong Kong on Monday. However, internet search giant Baidu Inc. /zigman2/quotes/201047207/delayed HK:9888 +0.26% was up 2.4% and e-commerce giant Alibaba Group /zigman2/quotes/215112034/delayed HK:9988 -0.38% gained 1.1%.

“Despite the long-term prospects of Chinese stocks, we think the stringency of recent regulatory actions will likely keep foreign investors on the edge for now until the sentiment starts improving,” Nomura research analysts said in a note.

On Wall Street on Friday, indexes stumbled while wrapping up another strong month. The S&P 500 /zigman2/quotes/210599714/realtime SPX +3.06% , which marked six straight month of gains, lost 0.5% to 4,395.26.

The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +2.80% shed 0.4% to 34,935.47. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +3.34% dropped 0.7% to 14,672.68.

In other trading, U.S. benchmark crude oil lost 98 cents to $72.97 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil declined $1.11 to $74.30.

The U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.3825% rose to 109.69 Japanese yen from 109.62 yen on Friday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,992.21
+776.42 +2.96%
Volume: 0.00
Oct. 4, 2022 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,209.38
+53.89 +2.50%
Volume: 421,003
Oct. 4, 2022 3:30p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,079.51
-143.32 -0.83%
Volume: 1.36M
Oct. 3, 2022 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,024.39
-16.81 -0.55%
Volume: 20.41B
Sept. 30, 2022 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,699.30
+242.40 +3.75%
Volume: 1.01M
Oct. 4, 2022 5:30p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,409.36
+11.74 +0.84%
Volume: 0.00
Oct. 4, 2022 5:05p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
13,576.52
+276.04 +2.08%
Volume: 0.00
Oct. 4, 2022 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,138.90
+31.81 +1.02%
Volume: 0.00
Oct. 4, 2022 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
7,072.26
+62.54 +0.89%
Volume: 0.00
Oct. 4, 2022 3:00p
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 263.80
-2.60 -0.98%
Volume: 13.99M
Oct. 3, 2022 4:08p
P/E Ratio
11.96
Dividend Yield
0.61%
Market Cap
$2509.46 billion
Rev. per Employee
$5.96M
loading...
/zigman2/quotes/201047207/delayed
HK : Hong Kong
$ 114.40
+0.30 +0.26%
Volume: 3.19M
Oct. 3, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$323.55 billion
Rev. per Employee
$3.27M
loading...
/zigman2/quotes/215112034/delayed
HK : Hong Kong
$ 77.65
-0.30 -0.38%
Volume: 30.74M
Oct. 3, 2022 4:08p
P/E Ratio
43.77
Dividend Yield
N/A
Market Cap
$1644.65 billion
Rev. per Employee
$4.05M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,790.93
+112.50 +3.06%
Volume: 2.22B
Oct. 4, 2022 4:06p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,316.32
+825.43 +2.80%
Volume: 320.97M
Oct. 4, 2022 4:06p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
11,176.41
+360.97 +3.34%
Volume: 5.11B
Oct. 4, 2022 4:06p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.0060
-0.5530 -0.3825%
Volume: 0.0000
Oct. 4, 2022 4:06p
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