{"id":66394,"date":"2024-06-03T16:07:59","date_gmt":"2024-06-03T06:07:59","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=66394"},"modified":"2025-11-10T17:37:49","modified_gmt":"2025-11-10T06:37:49","slug":"monday-3rd-june-2024-asian-markets-surge-on-strong-manufacturing-data-and-political-speculation","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/monday-3rd-june-2024-asian-markets-surge-on-strong-manufacturing-data-and-political-speculation\/","title":{"rendered":"Monday 3rd June 2024: Asian Markets Surge on Strong Manufacturing Data and Political Speculation"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><br \/>Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei up 1.17%, Shanghai Composite down 0.55%, Hang Seng up 2.14% ASX up 0.69%<\/li>\n\n\n\n<li>Commodities : Gold at $2340.5 (-0.23%), Silver at $30.28 (-0.91%), Brent Oil at $80.87 (-0.25%), WTI Oil at $76.79 (-0.33%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.49, UK 10-year yield at 4.29, Germany 10-year yield at 2.56<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(EUR) Core CPI Flash Estimate y\/y 2.9% vs 2.7% expected<\/li>\n\n\n\n<li>(EUR) CPI Flash Estimate y\/y 2.6% vs 2.5% expected<\/li>\n\n\n\n<li>(CAD) GDP m\/m 0.0% vs 0.0% expected<\/li>\n\n\n\n<li>(USD) Core PCE Price Index m\/m 0.2% vs 0.3% expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Stock markets across the Asia-Pacific region surged on Monday following a private survey revealing China&#8217;s manufacturing activity expanded at its fastest pace in nearly two years. The Caixin survey&#8217;s May PMI reached 51.7, exceeding expectations and marking the sector&#8217;s quickest growth since June 2022. This contrasted with Friday&#8217;s official data showing an unexpected contraction.<\/p>\n\n\n\n<p>Hong Kong&#8217;s Hang Seng index rose by 2.14%, while mainland China&#8217;s CSI 300 saw a slight dip of 0.14%. Investor focus shifted to India&#8217;s markets, with exit polls suggesting Prime Minister Narendra Modi&#8217;s alliance could secure a rare third consecutive term. Indian stocks hit record highs, with the Nifty 50 index climbing 2.6% and the S&amp;P BSE Sensex Total Return index up by about 2.7%.<\/p>\n\n\n\n<p>Japan&#8217;s Nikkei 225 gained 1.17%, and Australia&#8217;s S&amp;P\/ASX 200 added 0.69%. South Korea&#8217;s Kospi surged by 1.92%, while the Kosdaq rose by 0.38%. Wall Street futures remained stable ahead of June&#8217;s first trading day, with the Dow Jones Industrial Average futures up by less than 0.1%, while S&amp;P 500 futures held steady, and Nasdaq 100 futures slipped by 0.1%.<\/p>\n\n\n\n<p>May ended on a strong note for major indexes, with all three recording their sixth positive month out of seven. The Nasdaq Composite notably soared by 6.9%, marking its best month since November 2023.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>1:30 PM GMT &#8211; CAD Manufacturing PMI<\/li>\n\n\n\n<li>1:45 PM GMT &#8211; USD Final Manufacturing PMI<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD ISM Manufacturing PMI<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD ISM Manufacturing Prices<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD Construction Spending m\/m<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Stock markets across the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":74214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-66394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/66394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=66394"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/66394\/revisions"}],"predecessor-version":[{"id":66400,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/66394\/revisions\/66400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/74214"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=66394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=66394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=66394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}