SINGAPORE – Shares in the Asia-Pacific region were mixed in Monday morning trading, as a private survey showed another contraction in Chinese service sector activity for the month of May.
The Caixin Services PMI for China released on Monday came in at 41.4, better than the April reading of 36.2 but still in contraction territory.
The release comes on the back of last week’s official non-manufacturing PMI reading of 47.8 for May, an improvement from April’s reading of 41.9 but still below the 50 mark that separates expansion from contraction.
The PMI readings are sequential and represent expansion or contraction on a monthly basis.
Australia S & P / ASX 200 It decreased 0.42%.
MSCI’s broadest index of Asia Pacific shares outside Japan was trading at 0.21%.
Tai Hui of JPMorgan Asset Management said the company is currently watching for signs of US momentum “which is clearly beginning to slow” as well as the impact of tighter monetary conditions.
“I think this is where we are watching closely but we are not there yet when it comes to that [being] My bearishness in… Asia markets, he told CNBC’s “Squawk Box Asia” on Monday.
Markets in South Korea are closed on Monday for a holiday.
The US dollar indexwhich measures the greenback against a basket of its peers, was at 102.198 after the recent rally from levels below 102.
The Japanese Yen It was trading at 130.63 per dollar, which is weaker compared to levels below 128 seen against the dollar last week. The Australian dollar It was at $0.7189 after falling from above $0.725 late last week.
Oil prices rose in the morning from Asian trading hours, with the international standard Brent crude futures contracts It rose 0.21% to $119.97 a barrel. US crude futures contracts It rose 0.31% to $119.24 a barrel.
“Twitteraholic. Total bacon fan. Explorer. Typical social media practitioner. Beer maven. Web aficionado.”