Asian stock markets got off to a mixed start on Monday as investors focused on key Chinese manufacturing data. Beijings official purchasing managers index (PMI) for August came in at 51.1, below Reuters expectations for 51.2 and Julys reading of 51.7. Attention now turns to HSBCs final PMI reading for August, due. The banks preliminary reading earlier this month came in at a three-month low of 50.3. Caution ahead of key central bank meetings this week, including the widely-anticipated European Central Bank review on Thursday, also weighed on sentiment. Global markets are in for a big week on the central bank front, with the RBA, BoE, BoJ, BoC and ECB all set to meet. In the background will be the threat of Russia/Ukraine tension derailing the recovery. As a result, while investors will be optimistic about potential central bank action, particularly from the ECB, there is likely to be a degree of caution exercised. NIKKEI: 15455.91 (+0.20%) HSI: 24703.74 (-0.15%) ASX 200: 5646.80 (+0.37%) SHANGHAI: 2217.20 (0%) KOSPI: 2065.73 (-0.14%) CNBC 100: 7472.17 (+0.04%) SGXNIFTY: 8021.00 (-0.14%) Singapore Nifty indicates little lower opening but due to holiday on Friday, adjusted levels suggests little higher opening in domestic market. After rigid August series, we may witness another range bound session. Nifty expected to have hurdle around 7980-8000 levels whether support comes around 7940-7900 levels. For the September series, 1st we expect some correction in market for the levels like 7800-7700. Though over all Market trend for short to medium term expected to be positive so correction should be use for investment.
Posted on: Mon, 01 Sep 2014 02:02:19 +0000
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