Asian stocks finished mixed on Tuesday following key Chinese economic data and monetary policy decisions in Australia and India.
In China, HSBC's final purchasing managers' index (PMI) for May came in at 49.4, down from a preliminary reading of 49.7, but higher then April's 48.1 figure. Meanwhile, activity in the country's services sector rose to a six-month high in May.
"The final [manufacturing] PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector. The lack of a sustainable growth momentum warrants stronger policy support. We expect both monetary and fiscal policy to be loosened gradually over the coming months," said Hongbin Qu, chief economist, China & co-head of Asian economic research at HSBC.
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On Wall Street, the Dow and S&P 500 finished at fresh highs for a third straight session on upbeat manufacturing data. The Institute for Supply Management corrected its May manufacturing data for a second time to 55.4. The index was first corrected to 56 after being initially reported as 53.2.