Tokyo, Sydney gain in Asia with Shanghai down after regional PMIs

Category: Stock Market

Sydney and Tokyo shares gained in Asia on Tuesday as manufacturing PMIs came in above or near expectations, while Shanghai dipped on a more mixed picture.The S&P/ASX 200 jumped 1.76% after a slew of data as well as the central bank holding rates steady at a record low 2%. In Japan, the Nikkei 225 gained 0.93%.However, the Shanghai Composite eased 0.53%, following two days of volatile trend on the downside with manufacturing surveys still in contraction.The Reserve Bank of Australia, as expected, kept its benchmark cash rate at a record low 2%, but again said inflation levels offer scope for further easing if needed.The China official manufacturing PMI for November fell to 49.6, compared to 49.8 seen and the same level the previous month, while the Caixin manufacturing PMI rose to 48.6, compared to 48.3 expected and the same level for the previous month.In Japan, capital spending jumped 11.2%, compared to a 2.3% gain seen in the third quarter year-on-year, while the manufacturing PMI eased to 52.6 from 52.8.Also in Australia, the AIG manufacturing index for November reached 52.5, a jump from 50.2 last month. As well, official data showed building approvals up 3.9%, compared to a 2.3% decline seen, while the current account deficit widened to A$18.1 billion, compared to a deficit of A$16.5 billion expected. Private house approvals in Australia fell 2.1%.Overnight, U.S. stocks closed broadly lower closing a strong month on a down note, as a bevy of retail stocks took a hit on Cyber Monday.The Dow Jones Industrial Average and the NASDAQ Composite index both fell slightly on Monday amid sell-offs in the health care and aforementioned retail sectors. The Dow lost 78.50 or 0.44% to close at 17,719.92, while the NASDAQ dropped by 18.86 or 0.37% ending Monday's session at 5,108.67. The S&P 500 Composite index, meanwhile, fell 9.70 or 0.46% to 2,080.41, as five of 10 sectors closed in the red. Stocks in the Health Care, Consumer Goods and Consumer Services sectors lagged, each falling by more than 0.85% on the session.Stocks in the Energy and Basic Materials industries led. Despite Monday's losses, all three of the major indices closed higher for the second straight month – representing the first time the U.S. equities markets posted consecutive monthly gains since the spring.