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Nikkei 225 falls whilst better than expected Chinese PMI data lifts stocks

Over the weekend the latest PMI data from China beat forecasts on all counts. The official manufacturing PMI rose to 50.8 from 49.1 and non -manufacturing rose to 53 from 51.4. Well, that was a pretty timely rebound and just when the Chinese authorities could do with such a boost too. The private CAIXIN manufacturing PMI data has also risen earlier today, to 51.1 from 50.9. So, both theses report have helped to boost Chinese stocks today, but not so the stocks in Japan. The Nikkei 225 has closed  lower today, shedding more that 550 points. Earlier the index stalled at 40,697. Japanese Tankan data released earlier today was not much better than the markets had expected and neither was the final March PMI data, still showing a reading under 50 (48.2). Perhaps surprisingly, the lower Nikkei close today has not forced the USD/JPY lower and that noted immediate 151.00-151.50 range has held again, but more on that later this morning. Right now the Nikkei futures are a little higher though, after the index closed 566 points lower, at 39,803 
 

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