Asian Equities Rally after China PMI

Asian equities traded mixed amid choppy trade early Wednesday after a modestly higher close on Wall Street overnight and as China’s manufacturing sector surprised markets with growth for the first time in three months.

The flash HSBC Purchasing Managers’ Index (PMI) rose to 50.1 from January’s 49.7 final reading, above the 50-mark which demarcates expansion from contraction, a private survey showed on Wednesday.

Overnight, U.S. stocks advanced in choppy trade, with the Dow and S&P 500 hitting intra-day records, supported by Federal Reserve Chair Janet Yellen’s dovish congressional testimony. Yellen said the central bank would not hike rates for the next few Federal Open Market Committee meetings.


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