November 27, 2022


News Headlines: Hindustan Times provides exclusive top stories of the day, today headlines from politics, business, technology, photos, videos, …

Stocks rally ahead of RBA decision; Caixin PMI less than 50

Stocks rally ahead of RBA decision;  Caixin PMI less than 50

Office staff walk in front of the Reserve Bank of Australia in Sydney on September 4, 2018.

Saeed Khan | AFP | Getty Images

Shares in the Asia-Pacific region rose on Tuesday ahead of the Reserve Bank of Australia’s decision. Investors were also digesting the Caixin Manufacturing PMI, which showed contraction in October.

The Hang Seng Index In Hong Kong, it briefly rose 2% in early trade, with Hang Seng Tech up 2.32%. Mainland China Shanghai boat 0.23% profit and Shenzhen Component Added 0.519%.

The Nikkei 225 In Japan it was higher by 0.19% while Topix was up by 0.36% and the Kospi index in South Korea was up by 1.07%.

in Australia , S & P / ASX 200 It rose 0.7% as analysts expect the Reserve Bank of Australia to raise interest rates by 25 basis points, according to a Reuters poll. The Australian dollar It was stronger at $0.6416.

The broadest MCSI index of Asia Pacific shares outside Japan was 0.74% higher.

In China, the Caixin Manufacturing PMI came in at 49.2, representing a contraction in factory activity. Toyota and Sony are scheduled to announce their earnings.

Overnight in the United States, stocks fell, but The Dow posted its best month since 1976 and all major averages ended the month in positive territory after two months of losses.

The Dow Jones Industrial Average fell 128.85 points, or 0.39%, to 3,2732.95. The S&P 500 lost 0.75% to 3871.98, and the Nasdaq Composite fell 1.03% to 10,988.15.

See also  Treasury yields prior to the release of key inflation data

The Fed meeting starts on Tuesday on the US side.

CNBC’s Samantha Soobin and Jesse Pound contributed to this report.