Stock market today: Asian shares are mixed and Shanghai gains on strong China factory data
ELAINE KURTENBACH, Associated Press
A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 1, 2024. Asian shares were mixed Monday, with Shanghai gaining 1% after surveys showed improvements in manufacturing conditions in China. (AP Photo/Ahn Young-joon)
BANGKOK (AP) — Asian shares were mixed on Monday, with Shanghai gaining 1% after surveys showed improvements in manufacturing conditions in China.
Sydney and Hong Kong were closed for the Easter Monday holiday.
Tokyo’s Nikkei 225 fell more than 1.2%, to 39,883.96, after a Bank of Japan quarterly survey on business conditions showed sentiment among large manufacturers, which include auto and electronics giants, declined in March for the first time in a year.
The Shanghai Composite index gained 1% to 3,072.29.
China’s National Bureau of Statistics released survey data on Sunday that showed the country’s official manufacturing PMI, or purchasing managers index, coming in at 50.8 in March, its strongest reading since March 2023.
A similar but separate survey, the Caixin/S&P Global China manufacturing purchasing managers’ index was 51.1 in March — its strongest since February 2023. It was at 50.9 in February.
“Chinese manufacturers increased production, while also raising their purchasing levels amid improved optimism,” the report said.
“A slew of policies introduced earlier this year to stabilize growth are gradually having an effect,” Wang Zhe, senior economist at Caixin Insight Group, said in a statement.
China’s target for “about 5%” economic growth is “ambitious,” he said. Given pressures that are constraining employment and keeping prices low, efforts will be needed to make growth more efficient and improve its quality, he added.
Elsewhere in Asia, South Korea’s Kospi edged 0.2% higher, to 2,750.64 and the Sensex in India was up 0.7%. In Bangkok, the SET edged 0.1% higher.
Markets in the U.S. and Europe were closed on Friday. On Thursday, Wall Street coasted to its latest winning month and quarter by rising to more records. The S&P 500 rose 0.1%, adding to its all-time high set the day before.
The Dow Jones Industrial Average ticked up 0.1% to 39,807.37 and likewise set a record. The Nasdaq composite dipped 0.1% to 16,379.46.
In other trading, the U.S. dollar rose to 151.40 Japanese yen from 151.29 yen. The euro edged lower, to $1.0784 from $1.0794.
The U.S. stock market has been on a nearly unstoppable run since late October, and the S&P 500 just capped its fifth straight winning month. It has leaped as the U.S. economy has remained remarkably solid despite high interest rates meant to get inflation under control.
And with inflation hopefully still cooling from its peak, the Federal Reserve has indicated it will likely cut interest rates several times later this year.
In other trading, U.S. benchmark crude oil gained 26 cents to $83.43 per barrel in electronic trading on the New York Mercantile Exchange. It was up $1.82 per barrel on Thursday, before markets closed for Good Friday and Easter.
Brent crude, the international standard, added 25 cents to $87.25 per barrel. On Thursday, it surged $1.59 to $87.00 per barrel.
