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| Shares in China lead gains across much of Asia | Shares in China lead gains across much of Asia |
| (about 7 hours later) | |
| Shares in China led gains across much of Asia after a survey indicated that activity in China's major factories had picked up in May. | Shares in China led gains across much of Asia after a survey indicated that activity in China's major factories had picked up in May. |
| The Shanghai Composite closed up 4.7% at 4,828.74. | |
| In Hong Kong, the Hang Seng index ended 0.6% higher at 27,597.16. | |
| Official numbers from the mainland showed activity in some of China's big factories had increased slightly in May, in line with expectations. | Official numbers from the mainland showed activity in some of China's big factories had increased slightly in May, in line with expectations. |
| The country's official purchasing managers' index (PMI), which measures items including new orders, rose 50.2 in May from 50.1 in April - its highest since November last year. A reading above 50 indicates expansion. | The country's official purchasing managers' index (PMI), which measures items including new orders, rose 50.2 in May from 50.1 in April - its highest since November last year. A reading above 50 indicates expansion. |
| The PMI figure triggered a rally in shares, despite a separate private PMI survey from HSBC/Markit indicating contraction. | The PMI figure triggered a rally in shares, despite a separate private PMI survey from HSBC/Markit indicating contraction. |
| The HSBC/Markit survey - which focuses on small and medium-sized factories - gave a reading of 49.2 in May, the third month of contraction in a row. It also indicated that export orders fell at the fastest rate for nearly two years. | The HSBC/Markit survey - which focuses on small and medium-sized factories - gave a reading of 49.2 in May, the third month of contraction in a row. It also indicated that export orders fell at the fastest rate for nearly two years. |
| In Japan, the benchmark Nikkei 225 recovered earlier losses to close up 0.03% at 20,569.87, marking its longest winning streak since a 13-day run in February 1988. | In Japan, the benchmark Nikkei 225 recovered earlier losses to close up 0.03% at 20,569.87, marking its longest winning streak since a 13-day run in February 1988. |
| In Australia, the benchmark S&P/ASX 200 index closed down 0.72% at 5,735.40. | In Australia, the benchmark S&P/ASX 200 index closed down 0.72% at 5,735.40. |
| South Korea's benchmark Kospi index closed down 0.59% at 2,102.37 after a private survey suggested manufacturing activity in the country contracted in May for the third month in a row. | South Korea's benchmark Kospi index closed down 0.59% at 2,102.37 after a private survey suggested manufacturing activity in the country contracted in May for the third month in a row. |
| Official data also showed the country's exports in May were down 10.9% from a year earlier, while imports were down 15.3%. | Official data also showed the country's exports in May were down 10.9% from a year earlier, while imports were down 15.3%. |
| The numbers fuel concerns over South Korea's faltering economic recovery. | The numbers fuel concerns over South Korea's faltering economic recovery. |