Asian shares edged higher on Tuesday, stabilizing from sharp declines in the previous session, as Wall Street ended higher overnight.
Shanghai Comp leaps 1 percent China’s Shanghai Composite index widened gains in early trade, after fluctuating in the neutral territory at the open. According to analysts, attention may turn to the flash Caixin purchasing managers’ index (PMI) for September due on Wednesday and Chinese President Xi Jinping’s state visit to the United States this week. According to a Reuters poll, the preliminary reading of China’s massive manufacturing sector likely edged up to 47.5 from 47.1 in August. However, it is expected to remain near six-and-a-half-year, pointing to a seventh straight contraction in activity on a monthly basis. In the previous month, activity in the mainland’s manufacturing sector slowed markedly, underlining signs of sputtering growth in the world’s second-largest economy. The final Caixin/Markit PMI slipped to 47.3 in August, the lowest reading since March 2009, while the official PMI dropped to 49.7 –