After Greece finally defaulted on its debt with the IMF, Asian shares bounce a bit from Monday’s rout. According to Bloomberg, the MSCI Asia Pacific Index climbs 0.3%, while index futures in the U.S. and Europe are also higher. China lags behind, as the latest PMI data shows the manufacturing sector remains sluggish. Read on…
Shanghai shares fall. The Shanghai Composite Index was last trading down 4.8% in another volatile session, while the Nikkei closed up 0.5%. Hong Kong is closed for a public holiday. CNBC
China PMI remains soft. According to the official PMI data, the reading for manufacturing output stood at 50.2 in June, unchanged from May and below the 50.3 forecast in a Reuters poll. The HSBC PMI data for the same month, released 45 minutes after the official figure, showed a reading of 49.4, up from 49.2 in May, and less than the preliminary 49.6. CNBC
Top Japanese firms are more optimistic about the economic prospects in the second quarter. According to the latest Tankan survey, the index for big manufacturers rose to 15 in the second quarter from 12 the previous three months, while for large services firms, it rose to 23 from 19. Financial Times (paywall)/Rueters
Japanese exporters hit hard by cooling Chinese economy. Autos, steel and semiconductors are feeling the chill as Japanese exports to China dropped for a fourth straight month in May in volume terms. The Wall Street Journal (paywall)
Foreign currencies can’t buy anything in Indonesia. The country’s central bank prohibits the use of foreign currencies for any domestic transactions in an effort to stem the decline in its currency. The Wall Street Journal (paywall)
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