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The Japanese Nikkei 225 jumps 2%; In accordance with China, manufacturing unit exercise development slowed in February

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SINGAPORE – Asia Pacific stocks traded higher on Monday morning as official data released over the weekend showed China’s manufacturing growth slowed in February.

In Japan, the Nikkei 225 rose 2.07% in early trading as the index tried to recover from its nearly 4% plunge on Friday. The Topix index gained 1.56%.

Australian stocks rose in morning trade as the S & P / ASX 200 rose 1.1%.

MSCI’s broadest index for stocks in the Asia-Pacific region outside of Japan rose 0.08%.

South Korea’s markets are closed on Monday for public holidays.

PMI for the manufacturing sector in China

In terms of economic development, China’s official purchasing managers’ index (PMI) for manufacturing came in at 50.6 over the weekend, according to the country’s National Bureau of Statistics.

That was less than January (51.3) but still above the 50 level that separates expansion and contraction.

Looking ahead, a private survey on Chinese manufacturing activity is expected in February. The PMI for the Caixin / Markit production will be released on Monday at 9:45 am HK / SIN.

Currencies

The US dollar index, which tracks the greenback versus a basket of its peers, stood at 90.779 after rebounding from below 90 levels in late February.

The Japanese yen was trading at 106.49 per dollar, weaker than below 105.6 against the greenback last week. The Australian dollar changed hands at $ 0.7746 after falling from levels above $ 0.792 last week.

Oil prices were higher on the morning of trading hours in Asia and the international benchmark Brent crude oil futures rose 1.52% to $ 65.40 a barrel. US crude oil futures rose 1.64% to $ 62.51 a barrel.

Here’s a look at what’s on tap:

China: Caixin / Markit Manufacturing Purchasing Managers Index at 9:45 a.m. HK / SIN

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Katherine Clark