Asian equity markets rose on the first trading day of June following record highs for the S&P 500 and the Dow Jones Industrial Average last week and mixed Chinese data.
Data on Sunday showed China’s factory activity expanded at its fastest pace in five months in May while two private surveys showed that home prices fell slightly from the previous month, adding to fresh signs of cooling in the property market.
“While the PMI data doesn’t completely dispel China growth concerns, it certainly shows the mild stimulus measures it has taken recently have been gaining traction,” said Stan Shamu, market strategist at IG in a morning note. Financial markets in China, Hong Kong and Taiwan are shut Monday for the Dragon Boat Festival.
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