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Asian stocks rise, China rallies on positive PMI data

Published Feb 28, 2023 11:11PM ET Updated Feb 28, 2023 11:44PM ET
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By Ambar Warrick

Investing.com -- Chinese bourses led gains across Asian stock markets on Wednesday after data showed that business activity in the country rose to pre-COVID levels, although lingering fears of rising U.S. interest rates and weak data from other regions kept broader gains limited.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose 1.4% and 0.9%, respectively, as the country’s composite purchasing managers’ index (PMI) - a key indicator of business activity - surged to an over-a-decade high in February.

The Shanghai Composite was close to an eight-month high, as strong manufacturing and non-manufacturing PMIs indicated that an economic recovery in the Asian giant was gaining steam after it relaxed most anti-COVID measures.

Hong Kong’s Hang Seng index jumped 3.3% and was the best performer in Asia, as optimism over China helped the index recover from a near two-month low.

A recovery in China bodes well for broader Asian economies, which depend on the country as a trading partner. China-exposed stock indexes rose on Wednesday, with the Taiwan Weighted index rising 0.4%.

Still, most Asian stocks were nursing sharp losses from February, as fears of rising U.S. interest rates battered regional markets. This sentiment was still in play on Wednesday, and limited gains in most regional bourses.

Signs of slowing economic growth in other Asian economies also weighed.

Japan’s Nikkei 225 index rose 0.2% as data showed the country’s manufacturing PMI remained in contraction through February, pointing to more pressure on growth in the coming months.

Australia’s ASX 200 index rose 0.1%, as data showed the country’s economic growth slowed drastically in the fourth quarter of 2022. A post-COVID boom has run out of steam in Australia, leaving the country struggling with high inflation and rising interest rates.

On the other hand, India’s Nifty 50 and BSE Sensex 30 indexes jumped 0.6% and 0.5% in early trade, even as data showed the country’s economy grew slightly less than expected in the fourth quarter.

But the Indian economy expanded 7% in 2022, vastly outpacing its Asian peers.

Shares of Adani Enterprises Ltd (NS:ADEL) jumped 10%, with most other stocks under the Adani Group rising as the conglomerate sought to assuage investor fears over its debt position.

Among Southeast Asian stocks, Indonesia's benchmark index rose 0.2% as inflation data for February read hotter than expected, heralding more pressure on local stocks.

Asian stocks rise, China rallies on positive PMI data
 

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Comments (6)
Hank Williams
Hank Williams Mar 01, 2023 7:12AM ET
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China market headlines is propaganda. Companies are leaving China like the wind.
jamie
jamie Mar 01, 2023 2:18AM ET
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In Jan, Feb, Bulls say, key rates will be pivot in 2023, but now nobody takes it will be done. Bulls say US economy in Disinflation but consecutive data shows inflation is rebounding now, non farm, cpi, ppi, pce, but bulls still say all data were unreliable. Yes? then Disinflation Powell lied to people cause he always talks data driven policy. But finally Yellen officially denied disinflation. Now bulls hope china reopen will drive market jump. Hey, wake up and Look at the bond market. So many lies, so many failed data but Bulls are blind. Why? They still want manipulated market that makes easy money. Only innocent investors suffer from their ugly money game.
marki bigjohnson
marki bigjohnson Mar 01, 2023 2:12AM ET
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the fed is forced to raise another 400 BP. mortgages will be 13%
Ricardo Diogo
Rcd72 Mar 01, 2023 2:10AM ET
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dated data , government data....still being considered to try to pump market... trying to hide that inflation is out of control
Martijn WN
Speculeerbeer Mar 01, 2023 2:10AM ET
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In China? Not so much.
jamie
jamie Mar 01, 2023 1:35AM ET
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China reopen indexes are not only show positive future, it means more oil needed and oil price up and leads major inflation factor rebound, and Chinese government will start to cut it off the property bobble that cannot be touched so far cause of economic shock. The problem of inflation is still too much money liquidity in market and FR cannot squeeze it because it is a new road that never been to.
Robert Palumbo
Robert Palumbo Mar 01, 2023 12:36AM ET
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What will the powers to be come up with tomorrow to dump the market, probably fed fears thats works 10 times a month
marki bigjohnson
marki bigjohnson Mar 01, 2023 12:36AM ET
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Well, inflation is getting out of control, so I see 5 more 75 BP increases to stop it. The fed is going to crash the economy. No other choice. That or Biden will be responsible for the destruction of the working class
 
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