China's Federation of Logistics and Purchasing recently released the country's Purchasing Managers Index (better known as PMI) which showed an expansion on the business sector, surpassing the analysts' expectations who foresaw it to slow down.
The non-manufacturing PMI for August stood at 55.2 showing a faster pace compared to the previous month's figure, which stood at 54.2. The figure missed the analysts' expectations, who foresaw a slower expansion at 52.1. The manufacturing PMI was at 51, below the previous month's figure which stood at 51.1, signaling a slower expansion of the manufacturing sector. However, it was over the analysts' expectations, who foresaw a contraction of the sector, at 48.7.
“It’s not too surprising that the manufacturing PMI has started to level off since growth in the industry has already returned to its pre-virus level,” commented an analyst at Capital Economics.
The University of Melbourne published its Securities Inflation Figure for August, which remained steady in yearly terms at 1.3 percent compared to the previous month's figure. In monthly terms, it contracted to 0.1 percent after being at 0.9 percent on the previous month.
In July, the Private Sector Credit contracted by 0.1 percent (month-to-month) after falling by 0.2 percent, going against the analysts' expectations who foresaw it to expand by 0.2 percent. In yearly terms, credit expanded by 2.4 percent in July, after climbing by 2.9 percent on the previous month. Company Gross Operating Profits expanded by 15 percent in the second quarter, after climbing 1.1 percent in the previous quarter and surpassing the analysts' expectations significantly, who foresaw a 1.2 percent expansion.
Business outlook in New Zealand improved in august, as the Business Confidence figure stood at -41.8 after being at -42.4 in the previous month. Analysts expected it to remain steady. The Activity Outlook for August worsened, standing at -17.5 percent after being at -17 percent in July.
In Japan, Construction Orders for July contracted by 22.9 percent (year-to-year) after dropping by 13.4 percent in June. The analysts expected a milder contraction of 8.8 percent. Housing Starts dropped by 11.4 percent in July, after decreasing by 11.4 percent in the previous month. The Consumer Confidence Index for August was at 29.3 after being at 29.5 in July and below the analysts' expectations who foresaw it to be at 29.4.
By 7:11 GMT the Hang Seng Index advanced by 0.07 percent, hitting the 25,439.25 level. On the other hand, the S&P/ASX 200 hit the 6,060.50 level, dropping by 0.22 percent, while the Nifty 50 went down by 0.61 percent, hitting the 11,576.90 level.