Asian Stocks Mostly Rise Despite Weak China Data; Oil Gains

Asian shares mostly climbed on Tuesday, buoyed by Wall Street’s near-record performance overnight, even as Chinese manufacturing data showed a slowdown in May. Markets in Hong Kong and Shanghai saw gains despite the negative PMI report, with investors seemingly anticipating potential support measures from Beijing. Tokyo’s Nikkei saw a slight dip, while Australian and Taiwanese shares also rose. European markets opened higher. Adding to regional uncertainty, Poland elected a conservative nationalist as its new president. Oil prices continued their upward trend, while the US dollar remained steady against the yen and the euro weakened slightly. The US extended some tariff exemptions for Chinese goods, and there was talk of a potential meeting between Presidents Trump and Xi. South Korean markets were closed for elections.

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