China’s stocks rose for a fifth straight day on Wednesday, led by consumer and energy companies and following a report pointing to increased evidence of a stabilizing economy.
Real gross domestic product in China grew 6.6% in the January-March period, with data showing China’s service sector strengthened in March and the Caixin services purchasing managers’ index (PMI) for March rose to 52.2, up from February’s reading of 51.2. A reading above 50 indicates expansion.
The Shanghai Composite Index added 0.1 percent at the break and the Hang Seng China Enterprises Index halted a two-day slide. Chinese mainland markets were mixed overnight, with the Shenzhen composite up 0.36 percent.
Oil Prices Advanced
Oil prices advanced during Asian hours with U.S. crude futures adding 2.76 percent to $36.88 a barrel. Global benchmark Brent futures were higher by 1.69 percent at $38.51.
Other Asia markets turned higher, supporting a global sell-off in equities overnight. Australia’s ASX 200 was up 0.54 percent while Japan’s Nikkei 225 wavered before trading up 0.28 percent on the back of a slightly weaker yen relative to Tuesday’s session. Across the Korean Strait, the Kospi was up 0.33 percent, while Hong Kong’s Hang Seng index was up 0.12 percent.
In the currency market, the dollar index, which measures the dollar against a basket of currencies, was flat at 94.66 as of 11:03 a.m. HK/SIN time.
The dollar/yen pair was trading at 110.50 in the morning local time, slightly stronger from Tuesday, when the pair fell as low as 109.94. That compares with levels above 112 last week.
