Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Asian shares surge on China manufacturing

Asian shares surge on China manufacturing

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Your Business: Cover Star Club

Profile: Barclays' former advisory boss on his move into property

Profile: Barclays' former advisory boss on his move into property

On paper, Rick Denton might have been expected to finish his career in banking

Wealth Manager on Twitter