Mixed Results for Asian Markets in April

Australian and Japanese markets are trading higher while most Asian markets are closed for Labor Day. Japan's purchasing managers index for April came in at 49.5, its softest contraction in six months, while Australia's factory activity in April contracted at its fastest pace in 35 months. China's factory activity unexpectedly slipped into contraction territory with its official manufacturing purchasing managers index at 49.2. Australia's central bank is expected to hold its benchmark policy rate at 3.6% when it announces its decision Tuesday. Friday's personal consumption expenditures price index data could give the Federal Reserve a reason to once again raise interest rates at its meeting next week.