Asian stocks rally – Chinese industrial activity slows

Stock markets in Asia were broadly higher on Friday.

Industrial activity in China contracted in February. The industrial purchasing managers' index, which measures activity, fell to 49.1, compared with a corresponding reading of 49.2 in January. Bloomberg's A consensus estimate compiled by economists expected 49.0.

A score below 50 indicates decreased productivity and a score above 50 indicates increased productivity. The country's industrial activity has now contracted for the fifth consecutive month.

China's stock market prices edged higher after the announcement of economic data. Mainland China's CSI 300 index rose 0.3 percent and Hong Kong's Hang Seng Index rose 0.1 percent.

Japan's unemployment rate is in line with expectations

In Japan, the head of the country's central bank Kazuo Ueda He said he was not confident the country would meet the two percent inflation target.

“I don't think we're that far yet,” Ude commented CNBC: N According to

In Japan, the unemployment rate for January was released, which was, as expected, at 2.4 percent from the previous month.

The Topix index, which broadly covers the Japanese market, rose 1.3 percent on Friday, while the NIKKEI index fell 2.0 percent.

In Shanghai, the stock market was close to close on Thursday.

In South Korea, the country's exports grew by 4.8 percent year-on-year in February, surpassing the previous record. Reuters 1.9 percent growth forecast.

The South Korean stock market is closed on Friday due to a national holiday.

Fast economic growth in India

India's gross domestic product, Asia's third-largest economy, grew 8.4 percent in October-December, while Reuters forecasts expected growth of 6.6 percent.

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The growth was 7.6 percent in the previous quarter.

Economic Statistics of the United States

Stock markets in the United States closed yesterday on Thursday. Before that, a lot of financial figures were published.

In January, private consumption in the country increased by 0.2 percent from the previous month. Economists on average expect growth of 0.2 percent.

At the same time, the PCE index, which measures the prices consumers pay for goods and services, rose 0.3 percent in January from the previous month and 0.4 percent from the month before. The figures for prices are perfectly in line with expectations, meaning there are no unpleasant upside surprises.

The PCE index is considered to give a good picture of the country's inflation growth and is therefore followed by the central bank, the Fed, when deciding the direction of interest rate policy.

On a year-on-year basis, the PCE index rose 2.8 percent as expected.

Private income rose 1.0 percent in January, while economists had forecast a monthly growth of 0.4 percent.

At 8:02 a.m., the euro was at $1.0812, 162.65 yen, 0.85626 pounds, or 11.213 Swedish kroner. The dollar was at 150.43 yen and the pound at 1.2627 dollars.

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