Asia-Pacific markets trade mixed as investors assess dismal China factory activity

Asia-Pacific markets were mixed Tuesday after a private survey showed China’s manufacturing activity in May shrank at its fastest pace since September 2022, with the PMI falling to 48.3 amid weak export orders linked to U.S. tariffs. China blamed the U.S. for failing to uphold a trade agreement, further straining relations. The EU also criticized President Trump’s plan to double U.S. steel tariffs, CNBC has reported. Hong Kong’s Hang Seng rose 1.13%, while Japan’s Nikkei traded flat and Australia’s ASX 200 gained 0.48%. India’s markets were mostly flat, and South Korea’s markets were closed for polling.