Asian stocks: Nikkei outperforms, China lags on weak PMI

Investing.com-- Most Asian stocks rose slightly on Wednesday with Japan’s Nikkei 225 coming back in sight of record highs, while Chinese markets fell tracking a disappointing reading on service sector activity.But this optimism was limited, with U.S. stock index futures falling slightly as Powell also warned that the Fed needed more confidence to cut rates.was an outperformer, rising 0.9% and breaking above the 40,000 level for the first time in three months.

Japan revised first-quarter GDP data to show a much sharper contraction than initially expected. But traders still piled into Japanese stocks, given that corporate earnings have so far largely risen past weakness in the economy.indexes lagged their peers on Wednesday, falling 0.4% each after a middling purchasing managers index reading. The two were also nursing a sharp tumble from annual highs hit in May.

While Caixin data released earlier this week showed the manufacturing sector remained in expansion, government PMI data released on Sunday showed a contraction in the sector, providing mixed cues on the economy.) and its sister firms also soured after Hindenburg doubled down on a short-seller report from last year, where the firm had leveled damning allegations against the Indian conglomerate. Hindenburg said it had received a show-cause notice from India's securities regulator.

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