Asia-Pacific stocks set for lower start; private survey on Chinese factory activity in May ahead

Asia-Pacific stocks set for lower start; private survey on Chinese factory activity in May ahead

SINGAPORE — Shares in Asia-Pacific nudged higher in Wednesday morning trade, with investors looking ahead to the release of a private survey on Chinese factory activity for May. The in Japan gained 0.29% while the Topix index advanced 0.64%. In Australia, the climbed 0.25%. Australia's first-quarter gross domestic product data is set to be released at 9:30 a.m. HK/SIN today. MSCI's broadest index of Asia-Pacific shares outside Japan traded little changed. Markets in South Korea are closed on Wednesday for a holiday. China's Caixin/Markit manufacturing Purchasing Managers' Index for May is set to be out at 9:45 a.m. HK/SIN on Wednesday. China's official manufacturing PMI for May, released Tuesday, came in at 49.6 — an improvement over April's reading of 47.4. The May reading was above the 48.6 level expected from a Reuters poll but still below the 50-point mark that separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction. Overnight on Wall Street, the S&P 500 shed 0.63% to 4,132.15. The Dow Jones Industrial Average dropped 222.84 points, or 0.67%, to 32,990.12. The tech-heavy Nasdaq Composite dipped 0.41% to 12,081.39. Currencies and oil The , which tracks the greenback against a basket of its