Wednesday 1 June 2016

Flat Chinese May Manufacturing Survey fails to drive Asia Stocks

Asian markets remained stuck in negative territory on Wednesday, not getting much impetus from China's official purchasing managers' index (PMI) coming in largely as expected. 

The Nikkei 225 shed 0.59 percent, likely weighed by the yen taking a leg higher. The dollar fetched 110.74 yen at 9:36 a.m. SIN/HK, with the dollar-yen currency pair recovering from lows around 110.42 earlier in the session, but still down from levels over 111 on Tuesday. 

Australia's gross domestic product (GDP) came in well above expectations, rising 3.1 percent on-year in the first quarter, compared with a Reuters poll forecast for 2.8 percent growth. That sent the Australian dollar surging to as high as USD 0.7293 from around USD 0.7230 before the data.

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