Asia Mixed on China Data

Shares in Asia-Pacific were mixed on Tuesday as investors watched for market reaction to the release of official Chinese factory activity data for May. Oil prices rose after European Union leaders agreed to ban 90% of Russian crude.

In Japan, the Nikkei 225 dropped 89.63 points, or 0.3%, to 27,369.43.

The Japanese yen traded at 127.96 per U.S. dollar following yesterday’s weakening from levels below 127.2 against the greenback.

In Hong Kong, the Hang Seng Index leaped 291.27 points, or 2.1%, to 21,123.93.

The Australian dollar was at $0.7181, against an earlier high of $0.7203.

CHINA

In Shanghai, the CSI 300 gained 62.5 points, or 1.6%, to 4,091.52.

China’s official manufacturing Purchasing Managers’ Index for May came in at 49.6, an improvement over April’s reading of 47.4.

The May reading was above the 48.6 level expected from a Reuters poll but still below the 50-point mark that separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

In other markets

In Taiwan, the Taiex popped 197.15 points, or 1.2%, to 16,807.77

In Korea, the Kospi index added 16.24 points, or 0.6%, to 2,685.90.

In Singapore, the Straits Times Index dipped 6.43 points, or 0.2%, to 3,232.48

In New Zealand, the NZX 50 jumped 162.84 points, or 1.5%, to 11,308.34.

In Australia, the ASX 200 faded 75.39 points, or 1%, to 7,211.17