- Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.
- Data showed China’s factory activity expanded at a slower-than-expected pace in April as the official manufacturing Purchasing Manager’s Index fell to 51.1, from 51.9 in March.
SINGAPORE — Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.
Australia’s ASX 200 fell 0.7% as all sectors turned red. Energy and materials were down 1.4% and 0.92%, respectively, while the heavily-weighted financials subindex lost 0.46%.
Chinese mainland shares also fell: The Shanghai composite declined 0.53% after market open while the Shenzhen component was down 0.3%. In Hong Kong, the Hang Seng index was down 1.31%.
Data showed China’s factory activity expanded at a slower-than-expected pace in April as the official manufacturing Purchasing Manager’s Index fell to 51.1, from 51.9 in March. A reading above 50 indicates expansion.
Friday’s session followed an overnight session on Wall Street where major U.S. indexes finished higher. Economic activity stateside picked up in the first three months of 2021 as GDP rose 6.4% on an annualized basis, but it fell slightly short of expectations.
Strong US economic momentum has positive implications for the global economy,” wrote Kim Mundy, a senior economist and currency strategist at the Commonwealth Bank of Australia, in a morning note.
