With a relatively light economic calendar, Chinese data has been the main focus of today's session with the Chinese HSBC flash manufacturing PMI unveiled to participants. The number ticked up to 50.4, hitting a 13-month high, from 49.5 in October, which confirms the economic recovery continues to gain momentum towards year end. Consequently the Hang Seng spiked up 0.4% while the Shanghai Comp. was unreactive. In the FX market solid gains were witnessed in AUD/USD, which rose 17 pips immediately following this release and still trades higher on the session close to the 1.0400 level.
Elsewhere in the equity markets, apart from disappointing performance of the Shanghai Composite we have seen the Japanese Nikkei 225, South Korean KOSPI and Australian ASX 200 trades in firm in positive territory. It is worth noting that ASX 200 index is currently trading near seven-day highs of 4428.7, rising 1.25% with gains led by oil & gas and industrials. In single stock news Lynas Corp is trading higher on the day by 8.00% as the Co. is expected to start its 1st plant feed in the coming days with a generally weaker JPY continuing to support Japanese exporters.
Looking forward, we have Japanese supermarket sales data due at 0500GMT/2300 CST, also today is the US Thanksgiving holiday and on Friday a national holiday is observed in Japan, so volume is expected to remain light.
As of 0339GMT:
ASX200 (+1.21%), Nikkei 225 (+1.10%), Shanghai Comp. (-0.53%), Hang Seng (+0.69%), KOSPI (+0.94%)
22 Nov 2012 - 03:40 - - Source: RANsquawk
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