The Caixin/Markit Manufacturing Purchasing Managers’ Index showed China’s factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year. — Reuters pic
The Hang Seng Index in Hong Kong traded 0.18 per cent higher while the Shanghai Composite also recovered early losses to stand 0.1 per cent higher. Japan’s Nikkei 225 erased early losses to trade flat. “September is also going to be a choppy recovery, and until we get closer to more news about a vaccine it’s going to remain that way.”
On Wall Street, the Dow Jones Industrial Average and the S&P 500 ended in the red overnight, while the Nasdaq rose solidly. The Nasdaq fared even better than the S&P for the month, up nearly 10 per cent as it rallied for a fifth straight month. Expectations that the Fed will keep interest rates low for an extended period kept the dollar soft, marking a fourth straight month of declines in August, its longest losing streak since 2017.
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