Trading in Asia was subdued on Monday with Japanese and South Korean markets shut for holidays and as investors awaited manufacturing data from China.
HSBC will release its final reading of manufacturing activity in the world’s second biggest economy for April at 9:45am SIN/HK. The preliminary reading stood at 48.3, marking a fourth straight month of contraction, while the country’s official PMI for April came in at 50.4.
“With May now well upon us, and U.S. earnings season as good as finished, is the old adage ‘sell in May, go away’ about to begin? The Dow and S&P are touching record highs, the Ukraine situation is simmering, growth is benign and data is indifferent – this is almost a textbook situation for a pull-back,” said Evan Lucas, market strategist at IG.
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