Japan Leads Asian Stocks Higher, China PMI Holds – Asia Market Wrap

Asian stocks rose on Tuesday, powered by Japanese equities, as China’s latest statistics highlighted the country’s continuous economic rebound.

Gauges in Japan and Hong Kong rose, while Chinese onshore stocks wavered as data showed that manufacturing activity in the country increased for the second consecutive month. US equity futures contracts were little changed as Wall Street was boosted by a solid start to the earnings season driven by big-tech companies, amid expectations that the Federal Reserve will keep interest rates high for longer.

Japanese equities gained following a vacation, as the yen rebounded from its lowest level versus the dollar in 34 years, raising suspicions that the government interfered to strengthen the currency.