China Mixed on Economic News

Shares in Asia-Pacific were mixed on Tuesday, as data showed slowing Chinese factory activity growth in August.

The Nikkei 225 shot higher 300.25 points, or 1.1%, to 28,089.54.

The Japanese yen traded at 109.84 per dollar, weaker than levels below 109.8 seen against the greenback yesterday.

In Hong Kong, the Hang Seng Index hiked 339.45 points, or 1.3%, to 25,878.99.

Hong Kong-listed shares of Tencent and Netease were mixed amid regulatory fears. Tencent recovered from earlier losses to rise 3.31% on Tuesday while Netease dropped 2.07%.

That came after new rules published Monday by China’s National Press and Publication Administration showed plans to limit the time that those under 18 years spend playing video games to just three hours a week.

The Australian dollar was at $0.733, against an earlier low of $0.7286.

CHINA

In Shanghai, the CSI 300 dropped 7.66 points, or 0.2%, to 4,805.61.

China’s factory activity grew at a slower pace in August as compared with the previous month, data released Tuesday showed. The official manufacturing Purchasing Managers’ Index for August came in at 50.1, against July’s reading of 50.4.

Meanwhile, the official non-manufacturing PMI for August came in at 47.5 — its lowest reading since the height of the pandemic in early 2020.
PMI readings above 50 represent expansion, while those below that level signal contraction. PMI readings are sequential and represent month-on-month expansion or contractions.

In other markets

In Korea, the Kospi index advanced 55.08 points, or 1.8%, to 3,199.27

In Singapore, the Straits Times recovered 21.34 points, or 0.7%, to 3,102.11

In Taiwan, the Taiex index triumphed 93.77 points, or 0.5%, to 17,420.29

In New Zealand, the NZX 50 added 38.25 points, or 0.3%, to 13,218.83.

In Australia, the ASX 200 moved upward 30.36 points, or 0.4%, at 7,534.90