Chinese equities advance on positive data, rate expectations

Chinese stocks rose on the first day of February, while the Hong Kong market rose after two days of declines as the country’s manufacturing activity showed improvement and ahead of the Federal Reserve’s interest rate decision.

The CSI 300 index, which brings together the largest companies listed in Shanghai and Shenzhen, closed up 0.94%, while the Shanghai index rose 0.9%. Hong Kong’s Hang Seng index gained 1.05% on the day.

Asian stock markets have stabilized, with signs of a slowdown in US wages boosting hopes that the Fed could signal an end to rate hikes by the end of Wednesday’s meeting.

China’s manufacturing activity shrank more slowly in January than the previous month, thanks to the end of the country’s Covid-zero policy.

The Caixin/S&P Global Purchasing Managers’ Index (PMI) for China’s manufacturing industry hit 49.2 in January, up from 49.0 in December but below expectations in a Reuters poll of 49 ,5.

. In TOKYO, the Nikkei index advanced 0.07% to 27,346 points.

. In HONG KONG, the HANG SENG index rose 1.05% to 22,072 points.

. In SHANGHAI, the SSEC index gained 0.90% to 3,284 points.

. The CSI300 index, which collects the largest companies listed in SHANGHAI and SHENZHEN, advanced by 0.94%, to 4,195 points.

. In SEOUL, the KOSPI index appreciated by 1.02%, to 2,449 points.

. In TAIWAN, the TAIEX index rose 1.01% to 15,420 points.

. In SINGAPORE, the STRAITS TIMES index gained 0.36% to 3,377 points.

. In SYDNEY, the S&P/ASX 200 index advanced 0.33% to 7,501 points.

Source: Terra

Rose

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