Asian Equities Mixed after China PMI Data

Asian stocks were mixed on Tuesday as investors reacted to key factory activity data from the mainland while metal stocks rallied on the back of higher copper and gold prices.

China’s official purchasing manager’s index (PMI) for June came in at a six-month high of 51, in line with expectations and up from 50.8 in May. Meanwhile, HSBC’s final PMI reading for June rose to 50.7, weaker than a preliminary reading of 50.8 but higher than May’s 49.4 figure.

Caution also set in following reports early on Tuesday that Ukrainian president Petro Poroshenko ended the unilateral ceasefire with pro-Russian rebels in the eastern part of the country. The parties had implemented a ceasefire on June 20 but Poroshenko said the rebels had violated the truce several times.


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