Asia-Pacific shares traded higher as investors looked ahead to the U.S. Federal Reserve’s Wednesday meeting, as well as some economic data in the region.
In Japan, the Nikkei 225 index pointed higher 19.77 points, or 0.1%, to 27,346.88, even as Japan’s factory activity logs a third consecutive month of contraction in January.
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index held steady at 48.9, below the 50-point mark separating growth from contraction. The contraction follows December’s reading of the same figure.
The rate of decline in manufacturing activity was, however, the slowest since October 2022.
In Hong Kong, the Hang Seng Index recovered 229.85 points, or 1.1%, to 22,072.18. Hong Kong was set to release its fourth-quarter GDP data later in the day.
Korean markets forged ahead, as that country’s export numbers in January fell 16.6% on an annualized basis.
CHINA
The Shanghai CSI 300 regained 39.07 points, or 0.9%, to 4,195.93.
China’s factory activity in January signaled a further contraction from previous readings, albeit at a slower pace, marking the sixth monthly contraction in a row.
The Caixin manufacturing Purchasing Managers’ Index for January came in at 49.2 on Wednesday, a slightly higher reading than December’s 49.0 but still missing Reuters’ expectations of 49.5
In other markets
In Korea, the Kospi restocked 24.72 points, or 1%, to 2,449.80.
In Singapore, the Straits Times hiked 39.07 points, or 0.9%, to 3,377.65.
In Taiwan, the Taiex jumped 154.93 points, or 1%, to 15,420,93.
In New Zealand, the NZX 50 leaped 123.21 points, or 1%, to 12,090.93.
In Australia, the ASX 200 spiked 25 points, or 0.3%, to 7,501.66.
