Asian markets shrug off bleak US data, Chinese shares drop

Asian markets shrug off bleak US data, Chinese shares drop

Stocks were mostly higher on Friday, helped by better-than-expected quarterly results from Google's parent Alphabet and retailer Amazon and a modest recovery in oil prices.

A business magazine, Caixin, said Monday its purchasing managers index rose to 50.6 from June's 48.6 on a 100-point scale on which numbers above 50 show expansion.

The China Federation of Logistics and Purchasing, an industry group, said its separate PMI edged down to 49.9 in July from 50 in June.

[...] a relatively weak performance may lift the spirits of investors hoping to see the U.S. Federal Reserve hold back on its next interest rate hike.