Overseas Trading: Upbeat PMI Fails to Lift China Stocks

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

by Alex Eppstein

Published on Sep 1, 2016 at 8:39 AM

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

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