Asian markets diverge as factory activity cools across China and Japan

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Asian equity markets traded mixed on Wednesday morning following a positive close on Wall Street. Japan's Nikkei rose 0.62% to above 70,499 and the broader Topix Index gained 1.2% to 4,042, supported by resilient factory growth and robust corporate sentiment, while mainland Chinese indexes posted modest gains after manufacturing data beat expectations despite easing to a three-month low. The S&P Global Japan Manufacturing PMI was revised slightly lower to 54.8 in June 2026 from 54.9 in the preliminary estimate, and the Bank of Japan's sentiment index for large manufacturers surged to 22 in the second quarter, its highest since early 2018. China's RatingDog Manufacturing PMI inched down to 51.7 in June from 51.8 in May, but landed slightly above market forecasts of 51.6. In commodities, gold slipped below $4,000 an ounce, trading near its lowest level in almost eight months, while Bitcoin dropped to as low as $57,700 in early July, its lowest since September 2024 and down more than 50% from its record high last October.

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