A man is wearing a suit and holding a cup of coffee as he stands in front of an electronic display board that is showing an index in Hong Kong, China, on January 22, 2024. (Photo by Vernon Yuen/NurPhoto via Getty Images)
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Japan’s Nikkei 225 was on track to hit record 40,000 level, leading gains in Asia stocks on Friday, while China rose as investors digested manufacturing data from the mainland.
Official data showed February manufacturing PMI at 49.1, in line with a Reuters Poll forecast. The private Caixin manufacturing final PMI came in at 50.9, slightly higher than the previous month’s 50.8.
A PMI reading above 50 indicates expansion, while below that denotes a contraction.
China’s CSI 300 rose 0.3% after closing almost 2% higher in the last session.
Hong Kong’s Hang Seng index reversed earlier declines to rise 0.8%.
Japan’s Nikkei 225 jumped 1.9%, to hit a fresh record high. The broader Topix index added 1.1%.
In Australia, the S&P/ASX 200 was 0.6% higher.
South Korea markets were shut for the Movement Day holiday.
Overnight, the Nasdaq Composite clocked its first closing record since November 2021 on Thursday as tech and chip stocks rallied.
The tech-heavy index ended with gains of 0.90% to close at an all-time high at 16,091.92. The S&P 500 also closed at a record, rising 0.52% to hit 5,096.27. The Dow Jones Industrial Average ticked higher by 0.12%.
Data overnight showed, U.S. inflation rose in line with expectations in January, according to a key gauge the Federal Reserve uses to assess inflation.
The personal consumption expenditures price index excluding food and energy costs rose 0.4% in January and 2.8% from a year earlier, in line with the Dow Jones consensus estimates.
— CNBC’s Hakyung Kim and Samantha Subin contributed to this report.
