Asia markets rise as China factory activity expands at fastest pace in nearly two years
What was the value of the Caixin Manufacturing PMI for China in May, and how did it compare to the previous month?
The Caixin Manufacturing PMI for China in May was 51.7, which was higher than the previous month's value of 51.4. This indicates an expansion in factory activity at its fastest pace in nearly two years.
What impact did the Caixin survey results have on the stock markets in Asia, specifically mentioning the Hang Seng index and the CSI 300?
The Caixin survey results, which showed China's manufacturing activity expanded at its fastest pace in nearly two years, had a positive impact on the stock markets in Asia. Hong Kong's Hang Seng index jumped 2%, while mainland China's CSI 300 turned positive to rise 0.22% after the data was released.
How did the official Chinese manufacturing data for May differ from the Caixin survey results?
The official Chinese manufacturing data for May showed a contraction in the manufacturing sector, while the Caixin survey results indicated an expansion. The Caixin survey showed the manufacturing PMI rose to 51.7 in May from 51.4 the previous month, at its fastest pace since June 2022. In contrast, the official data on Friday showed China's manufacturing sector unexpectedly contracted in May.