SINGAPORE – Shares in the Asia-Pacific were mixed in trading on Tuesday as investors looked for market reactions to the release of official Chinese factory activity data for May. Oil prices rose after EU leaders agreed to ban 90% of Russian crude oil.
The Shanghai Composite in mainland China was close to flat while the Shenzhen component fell 0.196%. Hong Kong’s Hang Seng Index traded 0.18% higher.
China’s official purchasing managers̵[ads1]7; index for production for May came in at 49.6, an improvement from the April reading of 47.4.
The May reading was above the 48.6 level expected from a Reuters poll, but still below the 50-point mark that separates growth from contraction. PMI readings are sequential and represent month-to-month expansion or contraction.
The Nikkei 225 in Japan soared near the flat line while the Topix index fell 0.09%. Over in South Korea, Kospi climbed 0.1%.
Australian equities were lower as the S & P / ASX 200 fell 0.23%.
MSCI’s broadest index of Asia-Pacific equities outside Japan traded slightly unchanged.
The markets in the USA were closed on Monday due to a public holiday.
Oil prices are rising after the EU agreed on Russia’s sanctions
Oil prices traded higher in the morning during Asian hours, after EU leaders agreed to ban most Russian oil for its invasion of Ukraine by the end of 2022.
The agreement will “effectively cut around 90% of Russia’s oil imports to the EU by the end of the year,” EU Commission President Ursula von der Leyen said in a tweet.
International benchmark Brent oil futures rose 0.62% to $ 122.43 a barrel. Crude oil futures in the United States rose 2.41% to $ 117.84 a barrel.
The US dollar index, which follows the dollar against a basket of its peers, was 101,616 – still above levels above 102 seen last week.
The Japanese yen traded at 128.08 per dollar after yesterday’s weakening from levels below 127.2 against the dollar. The Australian dollar was at $ 0.7184, up from an earlier high of $ 0.7203.