Tue, 26 May 2020

SYDNEY, Australia - Encouraging economic data out of China provided a boost to Chinese share markets on Tuesday, b ut early gains evaporated towards the close.

China's official manufacturing purchasing managers' index (PMI) jumped to 52.0 in March, well ahead of expectations of 45.0, and sharply higher compared to the historic February low of 35.7.

Despite the early rally, by the close of trading Tuesday, the Shanghai Composite was ahead just 3.08 points or 0.11% at 2,750.30.

In Hong Kong, the Hang Seng jumped 428.37 points or 1.85% to 23,603.48.

In Japan and Australia however modest losses were recorded.

Japan's Nikkei 225 dipped 167.96 points or 0.88% to 18,917.01.

The Australian All Ordinaries fell 83.40 points or 1.61% to 5,110.60.

On Foreign exchange markets the U.S. dollar was being bought up heavily. The euro dropped half-a-cent in Asian markets to close in Sydney Tuesday around 1.0991.

The British pound dropped more than a cent to 1.2293. The Japanese yen weakened to 108.53. The Swiss franc retreated to 0.9632.

The Canadian dollar dropped to 1.4220, while the New Zealand dollar eased to 0.5990.

The Australian dollar was only a fraction lower at 0.6175.

Overnight on Wall Street, the Dow Jones Industrial Average was ahead 690.7 points, or 3.19%, at 22,327.48.

The Standard and Poor's 500 advanced 85.18 points, or 3.35%, to 2,626.65.

The Nasdaq Composite jumped 271.77 points, or 3.62%, to 7,774.15.

More Charlotte News

Access More

Sign up for Charlotte News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!