Asian stock markets rose on Tuesday while gold flirted near five-month highs ahead of European and U.S. data this week that will likely offer clues on the health of the global economy.
The world’s recovery from the COVID-19 pandemic remains patchy with exports reviving but broader economic activity still dampened by new measures to contain fresh outbreaks.
China’s factory activity expanded at the fastest pace this year in May as domestic and export demand picked up, though sharp rises in raw material prices and strains in supply chains crimped some companies’ production, a business survey showed on Tuesday.
Taiwan and South Korea share indexes climbed in early trade while Japan, Australia and Hong Kong markets retreated, pushing up MSCI’s broadest index of Asia-Pacific shares outside Japan by 0.3%.
South Korea’s index jumped 0.8% and led regional gains after the country’s exports logged their sharpest expansion in 32 years in May, marking another robust month of shipments fuelled by stronger consumer demand globally.
