Hong Kong movers: Technology, consumer, reopening-related stocks
Technology and consumers related to reopening led gains in Hong Kong during Wednesday’s morning trade.
Tencent gained 5.53%, NetEase gained 6.94% and Alibaba rose 4.74%.
EV makers also saw gains, with Xpeng gaining 8.73%, Li Auto jumping 7.32%, and Baidu rising 5.56%.
Reopening-related consumer names also rose, with Budweiser Brewing Company up 6.38%, Anta Sports gaining 5% and Li Ning up 4.64%.
China’s factory activity in February shows further growth
China’s official manufacturing purchasing managers’ index rose to 52.6 in February, above the 50-point mark that separates growth from contraction, data from the National Bureau of Statistics showed.
That’s compared to January’s reading of 50.1 and above expectations of 50.5, according to economists surveyed by Reuters.
Non-manufacturing PMI rose to 56.3 – also above January’s reading of 54.4, the highest level since June 2022.
– Jihye Lee
Japan factory activity slows at the fastest pace in 2.5 years
Japan’s factory activity slowed at the fastest pace in two and a half years in February, a private survey by au Jibun Bank showed.
The manufacturing purchasing managers’ index fell to 47.7, down from 48.9 in January. This also marked the fourth straight month that Japan’s factory activity has stayed in contraction territory.
A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction in growth.
On Tuesday, Japan’s industrial production fell 4.6% compared to a month ago in January, the biggest decline the economy has seen in eight months.
— Lim Hui Jie
Australia gross domestic product grows 2.7% in 2022
Australia’s economy grew 2.7% for the whole of 2022, in line with economists expectations, but lower than 2021’s figure of 5.9%.
On a quarterly basis, gross domestic product grew 0.5%, according to the country’s bureau of statistics data. Australia has now recorded five consecutive rises in quarterly GDP,…
Read the full article here
