A look at the day ahead in Asian markets from Jamie McGeever.A bumper data dump on Wednesday kicks off the new trading month in Asia, with China's manufacturing PMI report for February and fourth quarter Australian GDP among the most important releases for investors. Market sentiment going into the
A bumper data dump on Wednesday kicks off the new trading month in Asia, with China's manufacturing PMI report for February and fourth quarter Australian GDP among the most important releases for investors.
To recap, the S&P 500 closed February down 2.6 per cent and the Nasdaq lost 1 per cent, but that wasn't bad - the MSCI World Index fell 3 per cent and MSCI Asia ex-Japan lost 7 per cent, erasing almost all of January's gains. Asian stocks have only risen two months out of the last 14. How is China's economic reopening from zero-COVID policies progressing? Purchasing managers index figures will give the most up-to-date snapshot of the huge manufacturing sector, and economists polled by Reuters reckon growth is picking up pace.
Another Reuters poll suggests the quarterly pace of GDP growth in Australia accelerated to 0.8 per cent in the October-December period last year, but the annual pace more than halved to 2.7 per cent. International trade is expected to have been a major driver thanks to a boom in resource exports.
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