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An unexpected contraction across the sector would weigh on the appetite for riskier assets.īeyond the economic calendar, corporate earnings will also move the dial.

Economists forecast the Manufacturing PMI to increase from 50.6 to 50.8. The all-important Caixin Manufacturing PMI will garner investor interest. On Wednesday, the Asian economic calendar also needs consideration. The gains will likely set the tone for the Asian session on Wednesday. The Nasdaq Composite Index gained by 0.48%, with the Dow and S&P 500 rising by 0.38% and 0.65%, respectively. Market bets on the Fed leaving interest rates unchanged supported riskier assets in the US session. The better-than-expected figures failed to fuel bets on the Fed hiking interest rates. US employment costs and consumer confidence figures signaled a positive outlook for demand. On Wednesday, investors will likely respond to overnight US economic indicators. The weaker Yen against the US dollar supported Japanese export stocks. A tweak to the Yield Curve Control policy failed to impress, sinking the Yen. While revising inflation forecasts, the BoJ left interest rates in negative territory. The Bank of Japan (BoJ) was also in the spotlight. In October, the manufacturing sector unexpectedly contracted, with non-manufacturing sector activity slowing despite recent stimulus measures. The NBS Manufacturing and Non-Manufacturing PMIs caught investors by surprise.

However, economic indicators from China tested the appetite for riskier assets on Tuesday.

Hang seng index