Australia, Japan Higher, Most of Region Closed

Australian and Japanese markets are both trading higher even as most Asian markets are closed Monday.

In Japan, the Nikkei 225 gained 266.74 points, or 0.9%, to close Monday at 29,123.18. Japan’s purchasing managers index for April came in at 49.5, its softest contraction in six months, according to the au Jibun bank.

Markets in Hong Kong, Shanghai, Singapore, Korea, and Taiwan were closed for May Day.

Australian indices closed higher, as the country saw its factory activity in April contracting at its fastest pace in 35 months, with private surveys from Juno Bank showing its purchasing managers index standing at 48.

Over the weekend, China’s factory activity unexpectedly slipped into contraction territory with its official manufacturing purchasing managers index at 49.2, in contrast to economists’ expectations of 51.4.

In other markets,

In New Zealand, the NZX 50 fell 16.87 points, or 0.1%, to 12,002.97.

In Australia, the ASX 200 gained 25.41 points, or 0.4%, to 7,334.56.