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HomeUncategorizedAsian Stocks: Oil rebounds above $90.00 on gloomy PMI data

Asian Stocks: Oil rebounds above $90.00 on gloomy PMI data

  • Asian indices fell as Asia Pacific underperformed in terms of PMI.
  • Rising oil prices dampened sentiment after OPEC signaled output cuts.
  • Now the focus has shifted to the US PMI data, which will provide investors with a clearer direction .

Downbeat Purchasing Managers’ Index (PMI) in Asia Pacific After the release of the data, the market in the Asian area showed a cautious attitude. The PMI data from Japan and Australia have been released and have been in a pessimistic state, and now investors are waiting for the release of the US PMI data.

At press time, Nikkei 225 fell 1.19%, China A50 fell 0.37%, and Hong Kong stocks fell 0.64%. The Indian index opened in negative territory but has recovered solidly and turned positive. Japan’s Jibun Bank Manufacturing Purchasing Managers Index has fallen to 51, lower than expected and the previously released 51.8 and 51, respectively 52.1. In addition, the services PMI remained low at 49.2, below the consensus of 50.7 and the previous 50.3. In Asia Pacific, the Australian manufacturing PMI fell sharply to 54.5 from the expected 57.3 and the previously published 55.7. The services PMI data fell to 49.6, missing expectations for 54 and the previously published 50.9. Asia Pacific countries in PMI dampened sentiment among market participants.

In addition, the strong recovery of oil prices also suppressed market sentiment. Oil prices rebounded sharply after OPEC signaled output cuts to offset recent declines. Notably, oil prices are down about 33% from their yearly high of $127.00 in March.

In the future, investors will focus on PMI data from the strong US. The S&P Global Manufacturing Purchasing Managers’ Index is expected to fall to 51.5, down from 52.2 previously. However, the services PMI could improve significantly to 49.1 compared to the previous 47.3.

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