Asian shares mixed, China manufacturing improves

Asian markets were mixed on Wednesday following another Wall Street rally while a provisional report showed a slight improvement in Chinese manufacturing activity this month. Tokyo rose 0.57 per cent by the break, Sydney gained 0.69% and Seoul was up 0.21% but Shanghai eased 0.23% and Hong Kong was 0.30% off. HSBC said its preliminary purchasing managers index (PMI) for China came in at 48.3 in April, up from 48.0 in March. While the figures points to a continuing contraction in manufacturing activity in the Asian economic giant, the rate has slowed. A figure below 50 suggests shrinkage, while anything above points to growth. The result will provide a little comfort to traders about the Chinese economy after data last week showed it grew 7.4% year on year in January-March, more than expected but sharply down from the previous three months, according to AFP.