Global stocks are following crude oil higher, despite disappointing manufacturing data
Asian stocks rebounded today, following crude oil higher and responding to
Monday's surprise move from the People's Bank of China (PBOC). China's Shanghai Composite climbed 1.7%, shaking off a five-month low for the Caixin manufacturing purchasing managers index (PMI). Additionally, China's official manufacturing PMI marked a seventh consecutive month of contraction -- arriving its lowest level since 2009. Japan's Nikkei gained 0.4%, following reports that showed drops in both unemployment and household spending, while Hong Kong's Hang Seng closed 1.6% higher. South Korea's Kospi was closed for a public holiday.
Stocks in Europe are also in positive territory at midday, as rising crude futures overshadow Markit's final manufacturing PMI for February, which showed eurozone factory growth at a 12-month low. Among equities, London Stock Exchange Group Plc is up 8% on news that Intercontinental Exchange Inc is considering making an offer for the company. Meanwhile, Barclays fell as much as 10% after reporting disappointing earnings. At last check, both London's FTSE 100 and France's CAC 40 are trading 0.7% higher, while the German DAX is up 1.5%.
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