Stocks rally on Chinese PMI: Afternoon market insights

The Australian stockmarket bounced back from early-morning losses today, after China’s official non-manufacturing purchasing managers’ index (PMI) rose in August despite recent concerns over a slowdown in the Chinese economy.

The PMI rose to 56.3, from 55.6 the month before. A reading above 50 indicates expansion from the previous month.

At 2.20pm, the ASX200 gained 0.18% to 4324.0, while the broader All Ordinaries index added 0.15% to 4345.6.

The Australian dollar sank to a six-week low, buying $US1.01615.

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