Investing.com - Asian stocks rose on Monday on robust Chinese manufacturing data, which sparked demand for equities on sentiment the global economy is growing and pushing through potholes along the way.
During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.37%, Australia's S&P/ASX200 was up 0.46%, while Japan’s Nikkei 225 Index was up 0.81%.
The China Federation of Logistics and Purchasing reported that its purchasing managers index rose 2.1 points to 53.1 in March, up from February's 51.0 and January's 50.5, according to the Associated Press, outpacing market expectations.
The news sparked demand for equities worldwide on sentiment that even through China's economy might not post red-hot growth rates typical of its recent past, it's still poised to grow as the global economy improves and demands more exports from the Asian giant.
Data out of the U.S. last week continued to boost demand for stocks in Asia on Monday.
In the U.S. late last week, the Thomson Reuters/University of Michigan's consumer sentiment index for March rose to 76.2, the highest since February 2011, from 75.3 in last month, outpacing analysts' expectations.
The Commerce Department, meanwhile, reported that personal spending rose 0.8% in February, the most in seven months and above expectations for a 0.6% gain.
News out of Europe remains calm as well.
Eurozone ministers agreed last week to boost the bloc's bailout lending ceiling to EUR800 billion to halt the threat of sovereign debt contagion spreading to larger economies such as Italy and Spain.
The firewall will rely on EUR500 billion from the European Stability Mechanism, which takes effect in July, another EUR200 billion already committed in loans to Greece, Ireland and Portugal and EUR100 billion in bilateral loans and European Union funds.
Stock markets largely shrugged off Japan’s Tankan Large Manufacturing Index, which remained unchanged unexpectedly at a seasonally adjusted -4 in the first quarter of 2012 from -4 in the fourth quarter of 2011.
Analysts had expected the index to rise to -1 in the last quarter.
In Hong Kong, top decliners included New World Development, down 3.54%, SHK Properties, down 2.97%, and China Resources Power, down 2.02%.
In Australia, the top gainers included Gunns Limited, up 5.88%, Medusa Mining, up 5.56%, and PanAust Limited, up 4.61%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.33%, while Germany's DAX 30 futures signaled a gain of 0.42%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.15%.
Dow Jones Industrial Average futures were up 0.25% while the S&P 500 futures were up 0.33%.
Later Monday, Australia is to release official data on building approvals, while in the U.S., the Institute of Supply Management will release closely watched data on manufacturing activity.
During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.37%, Australia's S&P/ASX200 was up 0.46%, while Japan’s Nikkei 225 Index was up 0.81%.
The China Federation of Logistics and Purchasing reported that its purchasing managers index rose 2.1 points to 53.1 in March, up from February's 51.0 and January's 50.5, according to the Associated Press, outpacing market expectations.
The news sparked demand for equities worldwide on sentiment that even through China's economy might not post red-hot growth rates typical of its recent past, it's still poised to grow as the global economy improves and demands more exports from the Asian giant.
Data out of the U.S. last week continued to boost demand for stocks in Asia on Monday.
In the U.S. late last week, the Thomson Reuters/University of Michigan's consumer sentiment index for March rose to 76.2, the highest since February 2011, from 75.3 in last month, outpacing analysts' expectations.
The Commerce Department, meanwhile, reported that personal spending rose 0.8% in February, the most in seven months and above expectations for a 0.6% gain.
News out of Europe remains calm as well.
Eurozone ministers agreed last week to boost the bloc's bailout lending ceiling to EUR800 billion to halt the threat of sovereign debt contagion spreading to larger economies such as Italy and Spain.
The firewall will rely on EUR500 billion from the European Stability Mechanism, which takes effect in July, another EUR200 billion already committed in loans to Greece, Ireland and Portugal and EUR100 billion in bilateral loans and European Union funds.
Stock markets largely shrugged off Japan’s Tankan Large Manufacturing Index, which remained unchanged unexpectedly at a seasonally adjusted -4 in the first quarter of 2012 from -4 in the fourth quarter of 2011.
Analysts had expected the index to rise to -1 in the last quarter.
In Hong Kong, top decliners included New World Development, down 3.54%, SHK Properties, down 2.97%, and China Resources Power, down 2.02%.
In Australia, the top gainers included Gunns Limited, up 5.88%, Medusa Mining, up 5.56%, and PanAust Limited, up 4.61%.
European stock futures indicated a higher opening.
France's CAC 40 futures pointed to a gain of 0.33%, while Germany's DAX 30 futures signaled a gain of 0.42%. Meanwhile, in the U.K., the FTSE 100 futures indicated a gain of 0.15%.
Dow Jones Industrial Average futures were up 0.25% while the S&P 500 futures were up 0.33%.
Later Monday, Australia is to release official data on building approvals, while in the U.S., the Institute of Supply Management will release closely watched data on manufacturing activity.