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Asian shares cautiously push higher

Monday, September 01 08:07:30

Asian shares edged higher on Monday, with investors wary of a deepening crisis in Ukraine and a downbeat China manufacturing survey, while the euro touched a fresh one-year low ahead of this week's European Central Bank meeting. But Friday's Wall Street cheer managed to offset the geopolitical concerns and the China survey. U.S. shares climbed ahead of a three-day weekend for Monday's U.S. Labor Day holiday.

Financial spreadbetters predicted flat openings in European markets, with Britain's FTSE 100 expected to open between 4 points higher and 7 points lower, and both Germany's DAX and France's CAC 40 seen opening unchanged to 1 point higher.

MSCI's broadest index of Asia-Pacific shares outside Japan shrugged off early losses and was up about 0.3 percent, moving back toward last Thursday's six-and-a-half-year peak.

Japan's Nikkei stock average ended up about 0.3 percent, taking back some of the ground lost in August, when it shed 1.3 percent. The gains came even after an official index of China's manufacturing sector fell from a 27-month high to 51.1 in August, a government study showed on Monday, slightly less than forecast and adding to signs of growing softness in the Chinese economy. Still, it was the second-highest reading this year. (Reuters)

For more visit: www.businessworld.ie