The PMI index in November brought Chinese stocks up

Chinese stocks were against the major stock markets of the region after the official November PMI in the country’s manufacturing continued to rise.

The Shenzhen Component Index rose 0.701% in the morning session of November 30. In the photo: Shenzhen Stock Exchange. Source: Shutterstock

The National Bureau of Statistics of China this morning 30/11 announced the official PMI index in November in the manufacturing sector reached 52.1, higher than the 51.5 level expected by analysts. PMI index above 50 indicates that the sector / sector under survey recorded growth and vice versa.

Along with the rise in November, the official PMI in China’s manufacturing recorded 9 consecutive months of growth, showing the strong recovery of this sector after the Covid-19 pandemic.

The mainland Chinese stock market this morning rose most prominently in the Asia-Pacific region, with the Shanghai Composite Index up 1.07% while the Shenzhen Component Index gained 0.701%.

In contrast, Hong Kong’s Hang Seng index sank 0.5%. Shares of HSBC listed in Hong Kong fell 0.6% after the Financial Times reported that the bank was considering withdrawing from the US retail banking market.

Red also surrounded major stock markets in Asia – Pacific in this morning session. Japanese stocks still “floor red” after information of retail sales in October of this country growth. The Nikkei 225 index slipped 0.51% while the Topix index slipped more than 1.08%.

According to preliminary statistics of the Ministry of Economy, Trade and Industry of Japan, retail sales of this country in October increased 6.4% over the same period last year, in line with forecasts of Reuters.

South Korea’s Kospi index slipped 0.39% this morning. Meanwhile, Australian stocks were also in red with the S & P / ASX 200 down 0.76%. The decline of MSCI index in Asia – Pacific region (except Japan) this morning narrowed to 0.08%, instead of 0.42% at the beginning of the session.

Trade tensions between Washington and Beijing are considered factors affecting investor sentiment in the first trading day of the week. Earlier, Reuters quoted a private source as saying that the administration of US President Donald Trump was preparing to put China’s leading chip maker SMIC and CNOOC – one of the three largest oil and gas companies in China – on “blacklist” on defense.

Not out of the prediction of analysts, oil prices on the Asian market this morning went down. Futures prices for Brent crude fell 1.25% to $ 47.58 / barrel while US crude futures prices slid 1.3% deeper to $ 44.94 / barrel.

On the money market, the US dollar index against other strong currencies this morning continued to decline to 91,692, compared with the 92 level set last week. Japanese Yen strengthened significantly and converted 103.88 JPY to “eat” 1 USD, after reaching 104.4 JPY / USD last week. Meanwhile, the Australian dollar also appreciated and traded 1 AUD / 0.7397 USD, compared with 1 AUD / 0.732 USD in the previous week.

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