the republic logo

Chinese stocks rebound on stronger manufacturing data, other Asian markets down

bug
Share/Save/Bookmark

BEIJING — Chinese stocks rebounded Tuesday on unexpectedly strong manufacturing but other Asian markets fell following Wall Street's tumble.

KEEPING SCORE: The Shanghai Composite Index gained 0.2 percent to 2,293.71 and Sydney's S&P/ASX 200 was up 0.4 percent at 5,382.70. Tokyo was closed for a holiday. Hong Kong's Hang Seng shed 0.3 percent to 23,891.66 and Seoul's Kospi shed 0.6 percent to 2,026.72. Benchmarks also fell in Taiwan, Indonesia, Philippines and New Zealand.

CHINESE MANUFACTURING: A preliminary version of HSBC's purchasing managers' index showed unexpectedly strong manufacturing in September, helping to ease fears of a sharper slowdown in the world's second-largest economy. The PMI rose to 50.5 from August's 50.2 on a 100-point scale on which numbers above 50 indicate expansion. That exceeded forecasts that called for a decline due to a slump in China's real estate market, a major driver of manufacturing activity.

PHOTO: FILE - In this Feb. 10, 2011, file photo, American flags fly in front of the New York Stock Exchange, in New York. Stock markets fell Monday, Sept. 22, 2014, ahead of a preliminary manufacturing survey from China that might show renewed weakness in the world's second-largest economy. (AP Photo/Mark Lennihan, File)
FILE - In this Feb. 10, 2011, file photo, American flags fly in front of the New York Stock Exchange, in New York. Stock markets fell Monday, Sept. 22, 2014, ahead of a preliminary manufacturing survey from China that might show renewed weakness in the world's second-largest economy. (AP Photo/Mark Lennihan, File)

THE QUOTE: "Growth in (Chinese) industry edged up somewhat in September, thus providing a modicum of comfort to policymakers and markets. Looking ahead, the short-term outlook for organic growth is modest but not alarming," said Louis Kuijs of Royal Bank of Scotland in a report.

WALL STREET: Stocks were dragged down by concern about Chinese growth and a slide in oil prices despite optimism about the overall U.S. growth outlook. The Standard & Poor's 500 dropped 0.8 percent to 1,994.29 for its biggest one-day decline since Aug. 5. The Dow Jones industrial average fell 0.6 percent and the Nasdaq composite dropped 1.1 percent.

EUROPE DATA: Germany, the continent's biggest economy, was expected to show an improvement in its purchasing managers' index after disappointing August figures. France reports quarterly economic growth that is expected to show a modest improvement over the previous quarter's flat performance. The French purchasing managers' index was expected to show improvement but still a contraction in manufacturing and services activity.

ENERGY: Benchmark U.S. crude was up 48 cents to $91.34 a barrel in electronic trading on the New York Mercantile Exchange.

CURRENCIES: The dollar declined to 108.73 yen from Monday's 108.77 yen. The euro rose to $1.2855 from $1.2850.

Think your friends should see this? Share it with them!

Story copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


Photo Gallery:
PHOTO: A woman reacts as she and other commuters disembarked from a crowded train at a subway station during a rush hour in Beijing, China Monday, Sept. 22, 2014. Asian shares were mostly lower Monday as investors awaited the release of a preliminary manufacturing survey from China this week that might show renewed weakness in the world's second-largest economy. (AP Photo/Andy Wong)
Click to view (3 Photos)
We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2014 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.