SINGAPORE – Asia Pacific stocks rose Thursday morning as the second quarter began with several economic data releases expected in the region.
The Japanese Nikkei 225 rose 1.24% in morning trading while the Topix index rose 0.67%. South Korea’s Kospi was also up 0.76%.
Australian stocks rose as the S & P / ASX 200 rose 0.32%.
MSCI’s broadest index for stocks in the Asia Pacific region rose 0.19%.
Economic data
A range of economic data will be released across the region on Thursday. The headline index for major manufacturers in the Bank of Japan’s quarterly Tankan Business Sentiment poll came in at 5, contrary to expectations of 0 in a Reuters poll.
Retail sales in Australia fell by a seasonally adjusted 0.8% month-on-month in February. This compares with expectations for a 1.1% decline in a Reuters poll.
The country also recorded a trade surplus of A $ 7.529 billion (about $ 5.71 billion) in February, compared with expectations for a trade surplus of A $ 9.7 billion, according to Reuters.
A private survey on China’s factory activity is also expected in March. The Caixin / Markit Manufacturing Purchasing Managers’ Index (PMI) is due to be released around 9:45 a.m. HK / SIN.
China’s official manufacturing PMI, released Wednesday, came in at 51.9, up from February’s 50.6. PMI values above 50 represent expansion, while those below this value represent contraction. The PMI values are sequential and represent a monthly expansion or contraction.
Overnight, the S&P 500 closed 0.36% higher at 3,972.89 while the Nasdaq Composite rose 1.54% to end its trading day at 13,246.87. The Dow Jones Industrial Average, on the other hand, fell 85.41 points to close at 32,981.55.
For the quarter, the Dow and S&P 500 gained 7.8% and 5.8%, respectively. The Nasdaq showed relative underperformance as technology stocks are particularly sensitive to rising interest rates due to their reliance on cheap money to invest in their future growth. Still, it rose 2.8% in the quarter.
Meanwhile, US President Joe Biden announced on Wednesday an infrastructure package worth more than $ 2 trillion. The goals of the plan include revitalizing American transportation infrastructure as well as manufacturing.
Currencies and oil
The US dollar index, which tracks the greenback versus a basket of its peers, closed at 93.202 after a previous low of 93.188.
The Japanese yen was trading at 110.73 per dollar, still weaker than below 109.6 against the greenback earlier this week. The Australian dollar changed hands at $ 0.7585 after falling above $ 0.765 earlier in the week.
Oil prices were higher in Asia on the morning of trading hours and the international reference Brent crude oil futures rose 0.46% to $ 63.03 a barrel. The US crude oil futures also gained 0.51% to $ 59.46 a barrel.
Here’s a look at what’s on tap:
- China: Caixin / Markit Manufacturing Purchasing Managers Index at 9.45am HK / SIN
– CNBC’s Yun Li contributed to this report.
