Markets are extending the rally we saw on Tuesday during the U.S. trading session. Countries around the world have been releasing their PMI numbers.
Japan’s Nikkei up 0.5%.
Korea’s Kospi up 0.9%
Australia’s S&P/ASX up 0.2%.
China’s Shanghai Composite up 1.9%.
Hong Kong’s Hang Seng up 1.3%.
India’s Sensex up 0.5%.
The highlight of the evening was the final HSBC China Manufacturing PMI which inched up to 49.3, up from the 49.1 flash reading and the 48.3 reading a month ago.
“The upward revision to April’s final PMI reading, compared to the flash estimate, confirms that the pace of China’s slowdown is stabilised,” said HSBC economist Hongbin Qu. “The 8.1% y-o-y GDP growth is likely to be the cyclical trough. As easing measures are starting to work and additional easing measures are on the way in the light of accommodative inflation outlook in the coming months, we expect Chinese GDP growth to bottom out in 2Q and recover modestly to over 8.5% in 2H.”