Overseas Trading: China Stocks Shake Off Disappointing Data

Asian stocks are mostly higher despite weak data out China, but European stocks are feeling pressure from a stronger euro

May 3, 2016 at 8:48 AM

Stocks in Asia finished the day mixed, following a big win on Wall Street. On the plus side, China's Shanghai Composite added 1.9%, despite an unexpected slip in the Caixin manufacturing purchasing managers index (PMI) for April. Some are speculating that the gains are a result of President Xi Jinping, who late Friday expressed support for a "healthy development of the stock market." Meanwhile, South Korea's Kospi climbed 0.4% following an in-line reading on consumer prices, but Hong Kong's Hang Seng gave up 1.9%. Markets in Japan were closed for the Constitution Day holiday.

European stocks are covered in red at midday, with strength in the euro against the U.S. dollar weighing heavily. Among specific sectors, mining, banking, and automobile stocks are taking particularly hard hits today. At last check, London's FTSE 100 is off 1.1%, France's CAC 40 has shed 1.6%, and the German DAX is down 1.8%.

overseas stocks may 3

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