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Name | Symbol | Market | Type |
---|---|---|---|
Rio Tinto Plc | NYSE:RIO | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.90 | 1.33% | 68.40 | 68.38 | 67.55 | 67.91 | 2,263,045 | 23:16:39 |
Australia led most Asian shares higher Tuesday, after modest improvement in Chinese manufacturing activity dispersed some concerns about sluggish growth in China.
Australia's S&P/ASX 200 gained 0.7%, with the market paring early losses in the lead up to China's economic data. China is Australia's largest trading partner so worries over the pace of China's economic growth have weighed heavily on the Australian dollar and iron-ore producers.
The preliminary HSBC China Manufacturing Purchasing Managers Index rose to 50.5 in September, compared with a final reading of 50.2 in August, HSBC Holdings PLC said. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction.
Australian miners also trimmed losses, with BHP Billiton Ltd. down 0.8% after falling 1.7% earlier in the session. Rio Tinto Ltd. was about flat, reversing from a 1.2% loss earlier in the day and Fortescue Metals Group Ltd. gained 2.0%. The Australian dollar, also known as the Aussie, traded near a seven-month low at US$0.89.
However, the Hang Seng Index slipped 0.2%, while the Shanghai Composite Index was up 0.2%, in a mixed reaction to the closely watched gauge of nationwide manufacturing.
Mizuho economist Shen Jianguang said there were few signs of improvement in September's economic activity, despite the increase in HSBC's flash PMI. "Investment is still slowing and home sales continue to drop," he said, adding that weak commodity prices still pointed to sluggish demand.
On the mainland, stocks were helped by gains in property developers amid investor hopes that major banks might ease mortgage policies. Poly Real Estate Group was up 1.5% and China Vanke Co. gained 1.8%.
Weakness in some Asian markets also reflected a slide in U.S. stocks overnight, as investors there also stepped back amid uncertainty over China's economic growth. China's finance minister said earlier this week that major changes to the country's economic stimulus efforts aren't likely, tempering previous expectations for the government to step up measures.
Markets in Tokyo were closed for the Autumn Equinox, a national holiday in Japan.
-- Gregor Stuart Hunter contributed to this article.
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