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China manufacturing data, South Korea closed

A man is wearing a suit and holding a cup of coffee as he stands in front of an electronic display board that is showing an index in Hong Kong, China, on January 22, 2024. (Photo by Vernon Yuen/NurPhoto via Getty Images)

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Asia-Pacific markets were set to bounce Friday after a subdued session as investors awaited manufacturing data from China.

While most Asia stock markets were lower on Thursday, China’s CSI 300 closed almost 2% higher at 3,516.08 ahead of its purchasing managers’ index reading for February.

Official data is expected to show manufacturing PMI at 49.1, according to a Reuters Poll forecast. The private Caixin manufacturing final PMI is expected to come in at 50.6.

A PMI reading above 50 indicates expansion, while below that denotes a contraction.

Japan’s Nikkei 225 was set to rise, with the futures contract in Chicago at 39,350 and its counterpart in Osaka at 39,310 against the index’s last close of 39,166.19.

In Australia, the S&P/ASX 200 inched 0.2% higher.

Futures for Hong Kong’s Hang Seng index stood at 16,455, pointing to a lower open compared to the HSI’s close of 16,511.44.

South Korea markets were shut for Movement Day holiday.

Overnight, the Nasdaq Composite clocked its first closing record since November 2021 on Thursday as tech and chip stocks rallied.

The tech-heavy index ended with gains of 0.90% to close at an all-time high at 16,091.92. The S&P 500 also closed at a record, rising 0.52% to hit 5,096.27. The Dow Jones Industrial Average ticked higher by 0.12%.

Data overnight showed, U.S. inflation rose in line with expectations in January, according to a key gauge the Federal Reserve uses to assess inflation.

The personal consumption expenditures price index excluding food and energy costs rose 0.4% in January and 2.8% from a year earlier, in line with the Dow Jones consensus estimates.

— CNBC’s Hakyung Kim and Samantha Subin contributed to this report

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