Shares higher ahead of RBA decision; Caixin PMI below 50
Office workers walk in front of the Reserve Bank of Australia in Sydney on September 4, 2018.
SAEED KHAN | AFP | Getty Images
Asia-Pacific shares were higher on Tuesday ahead of Australia’s central bank decision. Investors also digested the Caixin manufacturing PMI, which showed a decline in October.
The The Hang Seng Index in Hong Kong briefly rose 2% in early trade, with Hang Seng Tech up 2.32%. Mainland China Shanghai composite increased 0.23% and Shenzhen component added 0.519%.
The Nikkei 225 in Japan was 0.19% higher while the Topix rose 0.36%. Kospi in South Korea also rose 1.07%.
In Australia is S&P/ASX 200 rose 0.7% as analysts expect the Reserve Bank of Australia to raise interest rates by 25 basis points, according to a Reuters poll. The Australian dollars was stronger at $0.6416.
The MCSI’s broadest index of Asia-Pacific shares outside Japan was 0.74% higher.
In China, the Caixin manufacturing PMI came in at 49.2, representing a slowdown in factory activity. Toyota and Sony are to report earnings.
Overnight in the US, stocks fell, but the Dow had its best month since 1976 and all the major averages ended the month in positive territory after two months of losses.
The Dow Jones Industrial Average fell 128.85 points, or 0.39%, to 32,732.95. The S&P 500 lost 0.75% to 3,871.98, and the Nasdaq Composite fell 1.03% to 10,988.15.
The Fed’s meeting begins Tuesday on the state side.
— CNBC’s Samantha Subin and Jesse Pound contributed to this report.
