Asia markets largely set to rise ahead of private manufacturing activity surveys

Asia-Pacific markets are set to largely rise on Tuesday ahead of private manufacturing surveys around the region, including Japan, South Korea and China.

China will release the Caixin purchasing managers index in July for both the manufacturing sector, a day after official data showed that the country’s factory activity remained in contraction territory for a fourth straight month.

Expectations from economists polled by Reuters are that the Caixin manufacturing PMI will come in at 50.3, which will mean that the sector will see a softer expansion compared to the 50.5 recorded in June.

Futures for Hong Kong’s Hang Seng index stood at 20,348, pointing to a stronger open compared to compared to the HSI’s close of 20,078.94.

Separately, investors will also be watching the Reserve Bank of Australia’s rate decision, with economists polled by Reuters expecting a 25 basis points hike in its benchmark policy rate to 4.35%. Futures for the S&P/ASX 200 point to a lower open, at 7,383 compared to the last close of 7,410.4.

Japan’s Nikkei 225 is set for a positive open, with the futures contract in Chicago at 33,315 and its counterpart in Osaka at 33,290 against the index’s last close of 33,172.22.