Asian Stocks Mixed; China April Factory Growth Unexpectedly Speeds Up
Investing.com – Asian equities were mixed in afternoon trade on Wednesday as several key markets in Asia resumed trading after holidays. China’s Manufacturing sector unexpectedly picked up in April, a private survey showed.
Overnight, Apple (NASDAQ:AAPL) made headlines after it reported a 16% jump in its second quarter revenue, while profit came in at $2.73 a share, beating estimates of $2.64. The company’s shares rose 3% following the results after being under pressured in recent weeks amid concerns on demand for its flagship iPhone X.
In Asia, China’s manufacturing sector was in focus as the Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) unexpectedly climbed to 51.1 in April, compared to the general consensus of 50.9.
Output quickened slightly, the survey showed, but a decline in export received more focus as it adds to the concerns of China’s dependence on domestic demand.
The Shanghai Composite fell 0.4%, while the Shenzhen Component slipped 0.1% by 1:19AM ET (05:19 GMT). Hong Kong’s Hang Seng Index also traded 0.7% lower.
Chinese Vice Premier Liu He is scheduled to meet with a U.S. trade delegation in Beijing later in the week to discuss “issues of mutual concern”, according to China’s state television.
Meanwhile, Japan’s Nikkei 225 slid 0.3%. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to 52.5 in April from 50.9 in March, data showed.
However, the survey also indicated business confidence fell as companies struggle to hire workers amid a labor shortage.
Japanese automaker Nissan Motor Co., Ltd. (T:7201)’s shares fell as much as 1.8% after the company said its deliveries in April unexpectedly declined 28%.
Elsewhere, South Korea’s KOSPI fell 0.4%, while Australia’s S&P/ASX 200 gained 0.6%.
New Zealand’s unemployment rate fell to 4.4% from 4.5% in the previous three months, recording a fresh nine-year low but in line with analysts’ forecasts.
Looking ahead, investors’ attention is likely to focus on the Federal Reserve policy meeting later in the day. The U.S. payrolls report is due later this week.
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