View the article online at http://citywire.co.uk/money/article/a639282
Asian shares surge on China manufacturing
Markets gain after figures showed Chinese manufacturing expanded last month.
Asian markets rose on Monday in morning trade, with the regional benchmark index heading for its highest close in seven months, after figures showed Chinese manufacturing expanded last month, but stagnant U.S. budget talks kept investors cautious and capped prices.
The MSCI Asia Pacific Index increased 0.5% to 125 as of 11:12 a.m. in Tokyo. The Nikkei 225 Stock Average gained 0.7% in Tokyo and South Korea’s Kospi Index added 0.3%. Australia’s S&P/ASX 200 Index climbed 0.7%. Hong Kong’s Hang Seng Index advanced 0.6%, while China’s Shanghai Composite Index increased 0.2%.
Shares gained after China’s official Purchasing Managers’ Index showed the measure of 50.6 in November, the highest in seven months, data released by the National Bureau of Statistics and China Federation of Logistics and Purchasing on December showed.
Separately, a survey by HSBC Holdings Plc and Markit Economics of smaller businesses also showed an expansion.
The new Chinese leadership headed by Xi Jinping is likely to maintain its annual economic growth target at 7.5% next year, according to nine of 16 analysts surveyed by Bloomberg News.
Metallurgical Corp. of China surged 3.6% in Hong Kong. Hyundai Motor Co., South Korea’s biggest carmaker, rose 1.8% after saying U.S. vehicle sales increased last month.
Shimizu Corp., a construction company, advanced 5.2% on speculation a deadly highway-tunnel collapse will reduce opposition to more public works spending.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
by David Kempton on May 24, 2016 at 17:15