Asian markets trade positively, excluding China

Global markets are following a mixed trend as corporate earnings in the intensifying earnings season have largely come in better than expected, despite growing concerns that the US Federal Reserve (Fed) will keep interest rates at high levels for longer; meanwhile, a positive trend stands out in Asian markets, excluding China.

In China, although the manufacturing Purchasing Managers' Index (PMI) came in at 50.4 in April, exceeding expectations, the data indicated a slowdown compared to the previous month.

In the same period, the country's services sector PMI remained below estimates at 51.2, while the composite PMI was 51.7. The Caixin manufacturing PMI, on the other hand, exceeded forecasts at 51.4.

According to data released in Japan, the unemployment rate rose to 2.6 percent in March, while preliminary industrial production recorded an increase of 3.8 percent in March, above estimates.

On the other hand, the dollar/yen parity, which tested the 160.24 level yesterday and climbed above 160 for the first time since June 1986, finished the day with a 1 percent decline at 156.34. It is currently trading at 156.83, 0.3 percent above its previous close.

With these developments, the Nikkei 225 index in Japan rose by 1.2 percent to 38,379 points, while the Kospi index in South Korea finished the day up 0.2 percent at 2,692 points.

In China, the Shanghai Composite index lost 0.2 percent to 3,106 points, the Hang Seng index rose 0.1 percent to 17,761 points, while the Sensex index in India is trading up 0.4 percent at 74,985 points.

News Source: AA