Asian markets stronger

Asia-Pacific markets mostly rose on Wednesday following positive comments from U.S. Federal Reserve Chair Jerome Powell on inflation progress. Investors also analyzed a range of regional data.

The au Jibun Bank reported Japan’s composite PMI dropped to 49.7 in June from 52.6 in May, indicating a decline in private sector activity for the first time in seven months. This decrease was driven by a slight reduction in services activity, the first since August 2022, which outweighed a marginal rise in manufacturing output.

Meanwhile, China’s Caixin services PMI showed the sector expanded for the 18th consecutive month, though at the slowest pace since October 2023, with a June PMI of 51.2, down from 54.0.

Japan’s Nikkei 225 rose 1.2%, and the Topix gained 0.4%. South Korea’s Kospi increased by 0.34%, while the Kosdaq added 0.52%. Hong Kong’s Hang Seng Index climbed 1.12%, while the CSI 300 fell 0.18%. Alibaba shares rose 1.7% following a $5.8 billion share repurchase announcement.