Asia stocks mostly higher on upbeat China data

Posted by Forexsq 1098 days ago (
img Most Asian markets rose Thursday after a survey showed China manufacturing activity expanded for the first time in more than a year, reaffirming an improvement in the Chinese economy, though Shanghai stocks fell after a strong rebound the previous day.

“The growth trend started in August and has continued to move in the right direction, which looks to justify the governments policies on targeted stimulus, whilst keeping the property sector on a tight rein,” said Andrew Sullivan, a principal sales trader at Piper Jaffray, referring to the China manufacturing data released by HSBC.

Preliminary data released by HSBC Thursday showed China’s manufacturing Purchasing Manager’s Index climbed to 50.4 in November — the first reading above the 50-point level, which indicates an expansion, in 13 months, amd rising from a final reading of 49.5 in October.

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