Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter