SINGAPORE – Asia Pacific stocks should open mixed on Tuesday as investors await the release of a private survey on Chinese manufacturing activity in May.
Futures indicated a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 28,955 while its Osaka counterpart was at 28,930. This is compared to the Nikkei 225’s last closing price at 28,860.08.
By contrast, stocks in Australia appeared to slide. The SPI futures contract traded at 7,135, compared to the last closing price of the S & P / ASX 200 at 7,161.60. The Reserve Bank of Australia will announce its rate decision on Tuesday at 12:30 p.m. HK / SIN.
Investors will watch out for reactions in Malaysian stocks after the country’s prime minister announced an additional stimulus package of 40 billion ringgit (about $ 9.7 billion) on Monday, just hours before tightening lockdown measures to curb the spread of Covid in the country should occur.
Watch China economic data
As for economic data, the Caixin / Markit Purchasing Managers’ Index (PMI) is expected to be released for May at 9:45 am HK / SIN on Tuesday.
The official May manufacturing PMI, released on Monday, came in at 51.0 – slightly lower than analysts’ expectations of 51.1 in a Reuters poll.
The US dollar index, which tracks the greenback versus a basket of its competitors, hit 90.031 after hitting below 89.7 and above 90.3 last week.
The Japanese yen was trading at 109.50 per dollar, stronger than levels above 110 versus the greenback late last week. The Australian dollar changed hands at $ 0.774, still below the over $ 0.776 level hit last week.
Here’s a look at what’s on tap:
- Australia: Reserve Bank of Australia rate decision at 12:30 p.m. HK / SIN
- China: Caixin / Markit Manufacturing Purchasing Managers Index at 9:45 am HK / SIN