In Tokyo, Japan, the juxtaposition of old and new is evident in the cityscape. Surrounding industrial factories with newer apartment buildings along a canal creates a unique urban landscape. This can be seen in various aspects of the city, including the decline in private sector activity reported by au Jibun Bank in June. The composite purchasing managers’ index fell to 49.7, with services activity outweighing a slight increase in manufacturing output.
Meanwhile, in China, the Caixin services purchasing managers’ index indicated expansion in the services sector for the 18th consecutive month, albeit at a slower pace than previous months. Traders awaited business activity data from India to be released later in the day, while markets like Japan’s Nikkei 225 continued their upward trend above 40,000. South Korea’s Kospi and Australia’s S&P/ASX 200 also saw gains. Hong Kong’s Hang Seng index rose early trade while mainland China’s CSI 300 experienced a slight decline.
In other news, Alibaba made headlines for repurchasing 613 million of its ordinary shares for $5.8 billion in the quarter ending June, leading to a 1.7% increase in its stock price. Major indices like the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all saw gains in the US market with Tesla shares playing a significant role in lifting S&P 500 after exceeding delivery expectations for second quarter.
