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Asia-Pacific Stocks Set to Slip; Private Survey on Chinese Services Activity Ahead


  • Shares in Hong Kong led gains among the major Asia-Pacific markets in Wednesday trade after a private survey showed accelerating Chinese services activity growth in July.
  • By Wednesday afternoon in Hong Kong, the city’s Hang Seng index jumped 1.57%, with shares of Chinese tech giant Tencent surging nearly 5% after seeing heavy losses yesterday.
  • The Caixin/Markit services Purchasing Managers’ Index for July came in at 54.9 on Wednesday, up from June’s reading of 50.3.

SINGAPORE — Shares in Hong Kong led gains among the major Asia-Pacific markets in Wednesday trade, as a private survey showed accelerating Chinese services activity growth in July.

By Wednesday afternoon in Hong Kong, the city’s Hang Seng index jumped 1.57%, with shares of Chinese tech giant Tencent surging nearly 5% after seeing heavy losses yesterday.

Mainland Chinese stocks were also higher, with the Shanghai composite up 0.56% while the Shenzhen component advanced 0.934%.

The Caixin/Markit services Purchasing Managers’ Index for July came in at 54.9 on Wednesday, up from June’s reading of 50.3.

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.

South Korea’s Kospi advanced 1.16%. In Australia, the S&P/ASX 200 gained 0.34%.

Stocks in Japan lagged as the Nikkei 225 slipped 0.3% while the Topix index shed 0.43%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.09% higher.

Overnight on Wall Street, the S&P 500 gained 0.82% to a new record closing high of 4,423.15 while the Dow Jones Industrial Average jumped 278.24 points to 35,116.40. The Nasdaq Composite advanced 0.55% to about 14,761.30.

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Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.017 — above levels below 92 seen earlier in the week.

The Japanese yen traded at 109.06 per dollar, having strengthened from levels above 109.6 against the greenback earlier this week. The Australian dollar changed hands at $0.7402, higher than levels below $0.735 seen earlier in the trading week.

Oil prices were mixed in the afternoon of Asia trading hours, with international benchmark Brent crude futures fractionally higher at $72.45 per barrel. U.S. crude futures shed 0.17% to $70.44 per barrel.



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