The sails of the Opera House are illuminated with projections on the opening night of Vivid Sydney 2023 in Sydney, Australia, on Friday, May 26, 2023.
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Asia-Pacific markets rose on Tuesday ahead of private manufacturing surveys around the region, including Japan, South Korea and China.
China will release the Caixin purchasing managers index in July for the manufacturing sector, a day after official data showed that the country’s factory activity remained in contraction territory for a fourth straight month.
Expectations from economists polled by Reuters were for the manufacturing PMI to come in at 50.3, which means a softer expansion compared with the 50.5 recorded in June.
Futures for Hong Kong’s Hang Seng index stood at 20,348, pointing to a stronger open compared to compared to the HSI’s close of 20,078.94.
In Australia, the S&P/ASX 200 climbed 0.35% in early trade, ahead of the Reserve Bank of Australia’s rate decision. Economists polled by Reuters are expecting a 25 basis points hike in its benchmark policy rate to 4.35%.
Japan’s Nikkei 225 rose 0.15%, while the Topix traded close to the flatline as the country saw its unemployment rate fall slightly to 2.5% in June.
Elsewhere, South Korea’s Kospi advanced 0.66% and the Kosdaq gained 0.48%.
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