Asia Markets Mixed: China Output Contracts Again, Japan Downgrades Q1 GDP
Shanghai, China – January 1: The sun rises over the Oriental Pearl Tower on New Year's Day, January 1, 2023, in Shanghai, China. (Photo by VCG/VCG via Getty Images)
Asia-Pacific markets got off to a mixed start to the second half of the year as investors weighed June economic data from China and business confidence data from Japan.
China's official PMI data, released over the weekend, showed the manufacturing PMI at 49.5, unchanged from May, marking the second month of contraction. However, a private survey, the S&P Caixin PMI, showed a marked improvement, rising to 51.8 in June from 51.7 in May.
On Monday, Japan revised its first-quarter GDP contraction to 2.9% year-on-year, from the 1.8% previously reported. GDP data for the third and fourth quarters of 2023 were also revised down, with...