Asian exchanges rose on statistics from China

The main Asia-Pacific stock indexes closed yesterday mostly in the green zone, helped by the release of positive statistics on the Chinese economy. Shanghai Composite ended trading up 1.28%, Shenzhen Composite added 2.66%, Hang Seng gained 2.71% and Nikkei 225 gained 0.56%. Australian S&P/ASX 200 was down 0.45%, KOSPI didn't trade because of the national holiday in South Korea. Investors were encouraged by the statistics on China's service sector PMI, which rose 5.2 points in May from April to 41.4, according to Caixin. The composite PMI for manufacturing and services also rose 5 points to 42.2. Such dynamics was facilitated by the easing of coronavirus measures in major Chinese cities. However, business activity continues to remain below 50 points, indicating a decline as restrictions have not yet been lifted. European players were also encouraged by the statistics as the DAX, FTSE 100 and CAC 40 ended Monday in positive territory following the Asian markets.