Investors will also be watching the Reserve Bank of Australia, which is expected to hike rates again today.
The sails of the Opera House are illuminated with projections on the opening night of Vivid Sydney 2023 in Sydney, Australia, on Friday, May 26, 2023.Asia-Pacific markets are set to largely rise on Tuesday ahead of private manufacturing surveys around the region, including Japan, South Korea and China.
China will release the Caixin purchasing managers index in July for both the manufacturing sector, a day after official data showed that the country's factory activity remained in contraction territory for a fourth straight month. Expectations from economists polled by Reuters are that the Caixin manufacturing PMI will come in at 50.3, which will mean that the sector will see a softer expansion compared to the 50.5 recorded in June.stood at 20,348, pointing to a stronger open compared to compared to the HSI's close of 20,078.94.
Separately, investors will also be watching the Reserve Bank of Australia's rate decision, with economists polled by Reuters expecting a 25 basis points hike in its benchmark policy rate to 4.35%. Futures for theis set for a positive open, with the futures contract in Chicago at 33,315 and its counterpart in Osaka at 33,290 against the index's last close of 33,172.22.
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