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Australian S&P/ASX 200 up 45 points on China PMI Aug gain

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Australian stocks were higher at lunchtime Monday as China's official manufacturing Purchasing Managers Index beat expectations rising to 51.0 in August compared with 50.3 in July.

The S&P/ASX 200 was up 45 points or 0.88 per cent, at 5180.00.

Factory activity in China expanded at the fastest clip in more than a year with a jump in new orders in August, official data showed.

This reading, although just for one month is bullish for China growth, global economic growth and for demand for minerals and resources from Australian companies.

The official survey showed an across-the-board recovery in all sub-indices, ranging from new orders and quantity of purchases to input prices and employment, pointing to a positive picture for the vast factory sector.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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