Data released Monday showed promising signs in the world's two largest economies, U.S. and China, which helped to ease fears of a global economic slowdown.
Asia Pacific markets were set to trade higher Tuesday following gains on Wall Street overnight, as concerns over a possible global economic slowdown eased.
In Australia, the benchmark ASX 200 was up 0.5 percent in early trade as most sectors advanced. The heavily weighted financial subindex added 0.62 percent while the energy subindex was up 0.78 percent. "The risk is the RBA adopts a more dovish tone that would further weigh on Australian interest rate expectations and ," Richard Grace, chief currency strategist and head of international economics at the Commonwealth Bank of Australia, wrote in a morning note.
Data released Monday showed promising signs in the world's two largest economies, the U.S. and China, which helped ease fears of a global economic slowdown. U.S. manufacturing activity expanded last month, rebounding from its lowest level since late 2016. In China, the Caixin/Markit Manufacturing Purchasing Managers' Index jumped to 50.8 in March — its highest level in eight months — beating economists' expectations of a 49.9 print.
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