Overseas Trading: Upbeat PMI Fails to Lift China Stocks

China's manufacturing PMI hit a 22-month peak, but mainland stocks failed to gain

Sep 1, 2016 at 8:39 AM
facebook twitter linkedin


Asian stocks got off to a mixed start in September. The big loser was China's Shanghai Composite, as an overnight drop in crude oil futures weighed on stocks -- offsetting any potential lift from a better-than-expected manufacturing purchasing managers index (PMI), with the 50.4 reading indicating expansion and marking a 22-month high. Also finishing lower was South Korea's Kospi, down 0.1%, pressured by falling shares of Samsung, due to reports its Galaxy Note 7 smartphone batteries have been catching fire.

On the flip side, Japan's Nikkei added 0.2% on a weaker yen. Even more impressive, Hong Kong's Hang Seng rallied 0.8%, hitting an annual high, boosted by a 2.8% pop in bank stock HSBC.

Meanwhile, stocks are faring well in Europe, as oil prices recover. Traders are also reacting positively to China's upbeat PMI reading, while getting ready for tomorrow's nonfarm payrolls report out of the U.S. Turning to the indexes, the French CAC has broken out to a 1% lead, the German DAX is up 0.5%, and London's FTSE has gained 0.1%.

overseas trading september 1

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

 


 


 
Special Offers from Schaeffer's Trading Partners