Shares across Asia fell on Thursday after latest Chinese manufacturing data came in at a seven-month low.
CONTRARIAN INVESTOR
Multi-asset managers have been hiking their cash weightings after a rocky start to the year for global equity markets.
Impending US employment data expected to show a further improvement in the country's economy sparked gains for equity indices around the globe overnight.
The S&P 500 saw its biggest gain in more than a month on Thursday, supported by technology stocks and strong GDP data.
Wealth managers are positioning clients' portfolios cautiously this quarter amid expectations of a setback for equity markets, despite growing appetite for risk among investors.