China shares rebound as PMI data lifts sentiment
The Shanghai Composite rose 0.5% to 3,960 and the Shenzhen Component gained 0.4% to 13,666, snapping a two-session losing streak. August private PMI climbed to 52.1, with services and manufacturing also strengthening.
The Shanghai Composite rose 0.5% to 3,960 on Thursday, while the Shenzhen Component gained 0.4% to 13,666, snapping a two-session losing streak as fresh PMI data reinforced signs of improving economic momentum in China.
A private survey showed the Composite PMI climbed to 52.1 in August from 50.8, driven by stronger growth in both the services sector (51.4 vs 50.4) and manufacturing (51.5 vs 50.9).
The figures followed official data showing the Composite PMI edging up to 49.5 from 49.3, with manufacturing activity improving to 49.8 from 49.2 while the non-manufacturing gauge held steady at 49.
Markets also found support after US President Donald Trump sought to calm fears of a broader confrontation with Iran, indicating that any renewed hostilities would likely remain contained.
Among the top gainers were Foxconn Industrial Internet (1.9%), SMIC (1.2%), Eoptolink Technology (1.7%), and Weichai Power (2.2%).