Asian shares advance on strong factory data
Asian shares recorded a well-ended session on Tuesday as upbeat manufacturing data and earnings in technology-related stocks outweighed worries brought by the coronavirus pandemic and global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 0.9% gain, while Chinese shares jumped 0.1%. Japan’s index Nikkei hiked more than 1% as Australian stocks advanced 2% for the largest intraday gain since July 21.
Oil futures erased their overnight earnings as they struggled in Asia on an oversupply of crude. U.S. stocks futures were seen 0.02% higher in Asia.
An industry measurement underscored an expansion in U.S. manufacturing activity in July. This came to be the most rapid pace recorded in more than a year, sending Wall Street shares up on Monday. However, investors’ sentiment remains subdued as a second wave of coronavirus and a diplomatic tension over Chinese tech companies’ operations in the U.S. continue to press.