Tuesday, 18 June 2024
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Stock Market

Shanghai Up on Solid China Factory Data

  • Asian stocks had a mixed bag of outcomes.
  • Shanghai gained 1% as polls indicated that China’s manufacturing conditions had improved.
  • China’s GDP is expected to grow this year at an annual rate of 4.5%, as opposed to 5.2% in 2023.

On Monday, Asian stocks had a mixed bag of outcomes. Shanghai gained 1% as polls indicated that China’s manufacturing conditions had improved. The Nikkei 225 in Tokyo dropped 1.4% to 39,803.09, whereas the Shanghai Composite index increased 1% to 3,070.09.

The official manufacturing PMI (Purchasing Managers Index) for China was 50.8 in March, the highest level since March 2023, according to survey data issued by the National Bureau of Statistics.

Asian stocks

At 51.1 in March, the Caixin/S&P Global China Manufacturing Purchasing Managers’ Index reached its highest level since February 2023. China has set an ambitious aim of “about 5%” economic growth; nevertheless, more work will need to be done to increase the quality and efficiency of growth.

The East Asian and Pacific developing countries’ economies are expected to rise by 4.5% this year, compared to 5.1% in 2023, according to World Bank predictions. China’s GDP is expected to grow this year at an annual rate of 4.5%, as opposed to 5.2% in 2023.

Both the American and European markets were closed on Friday. On Monday, the American markets will reopen, but the European markets will stay closed.

Wall Street added to its all-time high established the day before, rising 0.1% to its most recent winning month and quarter. The Nasdaq composite fell 0.1% to 16,379.46, while the Dow Jones Industrial Average increased by 0.1% to 39,807.37.

Numerous U.S. economic data points, such as trade, auto sales, unemployment, nonfarm payrolls, and jobless claims, will be released this week. Since late October, the U.S. stock market has been on an almost unstoppable upswing, and the Federal Reserve has hinted that it will probably lower interest rates multiple times this year.

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