Asia-Pacific stocks mixed; private survey shows Chinese services activity contracted in May

SINGAPORE — Shares in Asia-Pacific slipped in Monday morning trade, ahead of the release of a private survey on China’s service sector activity for May.

In Japan, the Nikkei 225 shed 0.48% as shares of SoftBank Group dropped 1.33%. The Topix index traded 0.39% lower.

Australia’s S&P/ASX 200 dipped 0.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.14% lower.

Markets in South Korea are closed on Monday for a holiday.

Looking ahead, the Caixin Services Purchasing Managers’ Index is set to be out at 9:45 a.m. HK/SIN on Monday. The release comes on the back of last week’s official non-manufacturing PMI print of 47.8 for May, an improvement over April’s reading of 41.9 but still below the 50 mark that separates expansion from contraction.

PMI readings are sequential and represent month-on-month expansion or contraction.

Oil rises more than 1%

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 1.34% to $121.33 per barrel. U.S. crude futures climbed 1.27% to $120.38 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 102.085 following a recent climb from levels below 102.

The Japanese yen traded at 130.68 per dollar, weaker as compared with levels below 128 seen against the greenback last week. The Australian dollar was at $0.72 after declining from above $0.725 late last week.

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