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Asian Stocks Up Over Surprise Rise in Chinese Service Sector

Stock Markets Aug 30, 2020 11:29PM ET
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© Reuters.

By Gina Lee

Investing.com – Asian stocks were up on Monday morning, touching a 29-month high over indications of surprise recovery in China’s service sector which boosted hopes of the world's second largest economy continuing its economic recovery from the impact of COVID-19.

Chinese data released earlier in the day showed that the non-manufacturing PMI rose to 55.2, a higher reading that July’s 54.2, in August. It also showed that the Purchasers’ Managers Index (PMI) slipped to 51 in the same month, against July’s 51.1 figure and the forecasted 51.2 prepared by Investing.com.

China’s Shanghai Composite gained 0.83% by 11:20 PM ET (4:20 AM GMT) and the Shenzhen Component was up 0.80%.

Meanwhile, Industrial & Commercial Bank of China, China Construction Bank (OTC:CICHF), Agricultural Bank of China (OTC:ACGBF) and Bank of China reported drops in profit by at least 10% on Sunday, the worst profit declines in more than ten years.

Hong Kong’s Hang Seng Index rose 1.39%.

Japan’s Nikkei 225 jumped 1.89%. The race to become the country’s next prime minister is taking shape with Chief Cabinet Secretary Yoshihide Suga reportedly announcing his intention to run for the position on Sunday. Incumbent Shinzo Abe resigned as prime minister on Friday, citing health reasons.

Japan also released data earlier in the day showing that industrial production increased by 8% month-on-month in July, against a forecasted growth of 5.8% and June’s 1.9% growth. But July’s retail sales saw a 2.8% decrease year-on-year, smaller than June’s 3.9% fall but missing the forecasted decline of 1.7%.

South Korea’s KOSPI inched up 0.01%. A Ministry of Health and Welfare statement said that Yong-jin KIm has been appointed as chairman of the National Pension Service, the country’s state-run pension fund.

Down Under, the ASX 200 edged up 0.11%. Victoria state saw a record 44 COVID-19 deaths on Monday, even with the number of new cases in the state falling to a near two-month low.

Investors are keeping a wary eye on the COVID-19 pandemic, with the number of cases continuing to rise incessantly. There are over 25.1 million COVID-19 cases globally as of August 31, according to Johns Hopkins University data.

Asian Stocks Up Over Surprise Rise in Chinese Service Sector
 

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