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Asian Stock Markets Rise

The Asia-Pacific Stock were higher in Thursday trade, as investors reacted to data releases in Australia and China. South Korea’s Kospi led gains regionally as it rose 1.01% in afternoon trade.

Mainland Chinese Stock were higher by the afternoon, with the Shanghai composite rising 0.38% while the Shenzhen component advancing 0.445%. Hong Kong’s Hang Seng index shed 0.4%. A private survey released Thursday showed slowing Chinese services activity growth in May. The Caixin/Markit services Purchasing Managers’ Index for May came in at 55.1 on Thursday, lower than the reading of 56.3 in April. That was well above the 50 level that separates expansion from contraction.

PMI readings above 50 represent expansion while those below that level signify contraction. PMI readings are sequential and represent month-on-month expansion or contraction. The Nikkei 225 world’s largest financial newspaper has gained 0.47% while the Topix index advanced 0.83%.Australia shares also rose, with the S&P/ASX 200 climbing 0.44%. Australia’s retail sales rose 1.1% month-on-month in April on a seasonally adjusted basis, according to data released Thursday by the country’s Bureau of Statistics.

Wall Street Stock edged higher overnight stateside. The Dow Jones Industrial Average eked a 25.07 point gain to 34,600.38 while the S&P 500 climbed 0.14% to 4,208.12. The Nasdaq Composite rose 0.14% to 13,756.33.The Japanese yen traded at 109.67 per dollar, weaker than levels below 109.5 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7744, having climbed from levels around $0.772.

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