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China PMI boosts Asian markets

24th July 2014

Stock markets across Asia have broadly advanced today (July 24th), following the release of a report showing China's manufacturing sector is continuing to strengthen. 

HSBC's flash purchasing managers' index for July, the earliest available indicator of factory activity in the country, advanced to 52.0 - its highest level in 18 months. All readings above 50.0 represent growth, while those below are indicative of contraction.

Qu Hongbin, economist at the bank, said: "Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through."

Following the publication of the report, the Shanghai Composite advanced by 1.2 per cent, while Hong Kong's Hang Seng extended its recent rally by a further 0.5 per cent, taking the index within sight of its highest close since April 2011.

In Japan, the Nikkei 225 ended the session down by 0.29 per cent at 15,284.42 points as geopolitical tensions continued to weigh.

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