Asia-Pacific stocks mostly surge as private survey confirms Chinese factory activity shrinking in August

Asia-Pacific stocks mostly surge as private survey confirms Chinese factory activity shrinking in August

Asia-Pacific stocks mostly surge as private survey confirms Chinese factory activity shrinking in August. Shares in Asia-Pacific markets mostly rose in Wednesday trade.

Mainland Chinese stocks traded mixed with the Shanghai composite adding 0.86% while the Shenzhen component advanced 0.322%. Hong Kong’s Hang Seng index rose 0.62% higher.

The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 49.2 last month, from 50.3 in July.

Deutsche Bank International Private Bank’s Tuan Huynh said that the company has lowered its growth forecast for Chinese GDP this year to 8.2% from 8.7%.

“We have seen some weakness in the previous weeks and months already,” Huynh, chief investment officer for Europe and Asia-Pacific at the firm said on Wednesday. “Overall I think China is still here moving ahead and also moving in the right direction.”

The Wednesday private survey release came after the private survey showed Tuesday slowing Chinese factory activity growth in August, reaching 50.1 against July’s reading of 50.4.

In Japan, the Nikkei 225 climbed 1.2% and the Topix index gained 0.89%. Meanwhile, South Korea’s Kospi advanced 0.14%.

Australia’s S&P/ASX 200 dropped 0.31%. The data released by Australia’s statistics bureau showed that the country’s gross domestic product rose 0.7% in the June quarter.

The S&P 500 tumbled 0.13% to 4,522.68, the Dow Jones Industrial Average declined 39.11 points to 35,360.73. The Nasdaq Composite fell to about 15,259.24.

Oil prices traded higher with international benchmark Brent crude futures adding 0.67% to $72.11 per barrel. U.S. crude futures rose 0.73% to $69 per barrel.