Asian Stock Markets Surge, China Faces Economic Setbacks
(MENAFN) Asian stock markets showed positive momentum on Wednesday, with the exception of China.
In the latest data from the region, Japan's April manufacturing industry Purchasing Managers' Index (PMI) came in below expectations at 48.5, while its services PMI remained robust at 52.2.
Meanwhile, the International Monetary Fund (IMF) released its April World Economic Outlook report on Tuesday, downgrading Japan’s economic growth forecast for this year from 1.1% to 0.6%, and for next year from 0.8% to 0.6%.
The growth forecast for China was also reduced, with the IMF lowering its 2025 forecast for the Chinese economy within emerging markets and developing economies from 4.6% to 4% this year and from 4.5% to 4% next year.
India also faced downward revisions, with its growth forecast for 2025 reduced from 6.5% to 6.2% and from 6.5% to 6.3% for the following year.
Despite these adjustments, Japan’s Nikkei 225 closed at 34,911 points, up by 2%, and South Korea’s Kospi index ended at 2,525 points, gaining 1.6%. In contrast, China’s Shanghai Composite Index dipped 0.1% to 3,298 points, Hong Kong’s Hang Seng rose by 2.35% to 22,060 points, and India’s Sensex Index saw a modest increase of 0.2% to 79,782 points.
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