A sign for the Shanghai Stock Exchange in the Lujiazui Pudong Financial District in Shanghai, China, on January 29, 2024.
Bloomberg Bloomberg Getty Images
Asia-Pacific stock markets rose on Friday after a private survey showed China’s manufacturing activity expanded at the fastest pace in nearly two years.
The Caixin survey showed manufacturing PMI rose to 51.7 in May from 51.4 the previous month, at the fastest pace since June 2022. It was also higher than the Reuters poll forecast of 51.5.
The private survey comes after official data on Friday showed China’s manufacturing sector unexpectedly contracted in May.
Hong Kong’s Hang Seng index jumped 2%, while mainland China’s CSI 300 turned positive up 0.22% after the data.
Investors will also focus on Indian markets as exit polls over the weekend suggest Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance are set for a third consecutive term in power.
Japan Nikkei 225 about 1% higher, while the broader Topix index gained 0.86%.
In Australia, the S&P/ASX 200 increased by 0.72%.
South Korea Kospi rose 1.80%, while the small cap Kosdaq was 0.26% higher.
Wall Street futures were calm ahead of the first trading day in June, with Dow Jones Industrial Average futures up 25 points, or less than 0.1%.
S&P 500 futures were flat, and Nasdaq 100 futures were down 0.1%.
The main indexes are coming off a strong May, with all three posting their sixth positive month in seven months. The Nasdaq Composite rose 6.9%, its best month since November 2023.
– CNBC’s Jesse Pound contributed to this report.
