Asia-Pacific stocks mostly rise; private survey shows Chinese factory activity expanding in May

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SINGAPORE — Shares in major Asia-Pacific markets were mostly higher on Tuesday, as investors reacted to the release of a private survey on Chinese manufacturing activity in May.

Mainland Chinese stocks closed higher, with the Shanghai composite up 0.26% to 3,624.71 and the Shenzhen component rising 0.256% to 15,034.78. Hong Kong’s Hang Seng index rose about 0.9%, as of its final hour of trading.

The Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) for May came in at 52, higher than expectations for a reading of 51.9 by analysts in a Reuters poll. The figure for May also compared against April’s reading of 51.9.

The official manufacturing PMI for May, released Monday, came in 51.0 — slightly lower than analyst expectations for a reading of 51.1 in a Reuters poll.

PMI readings above 50 represent expansion while those below that level signify contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

Mixed Asia-Pacific markets

Oil prices jump

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 1.51% to $70.37 per barrel. U.S. crude futures advanced 2.26% to $67.82 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.751 — falling below the 90 level again.

The Japanese yen traded at 109.46 per dollar, stronger than levels above 110 against the greenback seen late last week. The Australian dollar changed hands at $0.7751, still below levels above $0.776 seen last week.

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