Investing.com- Most Asian bourses were higher in Friday’s session following another encouraging economic data from China that indicates the world’s second-largest economy is in rebound mode.
In Asian trading Friday, Japan’s Nikkei 225 advanced 0.22% as the yen continued to weaken against the other major currencies ahead of Sunday’s election there.
Hong Kong’s Hang Seng jumped 0.6% while the Shanghai Composite surged nearly 2.9 percent. The Shanghai Composite has soared since hitting a multi-year low earlier this month and is now residing near its best levels in almost two months.
Chinese shares were boosted by the HSBC’s December flash reading of the China purchasing managers index. The initial December reading came in at 50.9, topping the consensus estimate of 50.8 and the 50.5 November reading. Readings above 50 indicate expansion.
There were also headlines released earlier in the session that a Chinese group backed by the government has forecast 2013 GDP growth of 8%, which tops the government’s desired growth range of 7.5%. China is the world’s second-largest economy.
The Chinese PMI reading follows some decent data points released during Thursday’s U.S. session. In U.S. economic news, initial claims for jobless benefits fell by 29,000 to 343,000 last week. Economists expected the weekly claims number to fall to 370,000. The less volatile four-week moving average slid by 27,000 to 381,500.
The Census Bureau said U.S. retail sales increased 0.3% last month following a 0.3% drop in October. The core number, which excludes sales at sales at car dealers, building supply stores and gas stations, jumped 0.5% in November after being flat in October.
The Labor Department’s Producer Price Index slid 0.8% in November falling a 0.2% drop in October. Economists expected a November decline of 0.5%.
Elsewhere in Asia, South Korea’s Kospi fell 0.18% while Singapore’s Straits Times climbed 0.17%. Australian S&P/ASX 200 climbed modestly while New Zealand’s NZSE 50 gained 0.11%.
In Asian trading Friday, Japan’s Nikkei 225 advanced 0.22% as the yen continued to weaken against the other major currencies ahead of Sunday’s election there.
Hong Kong’s Hang Seng jumped 0.6% while the Shanghai Composite surged nearly 2.9 percent. The Shanghai Composite has soared since hitting a multi-year low earlier this month and is now residing near its best levels in almost two months.
Chinese shares were boosted by the HSBC’s December flash reading of the China purchasing managers index. The initial December reading came in at 50.9, topping the consensus estimate of 50.8 and the 50.5 November reading. Readings above 50 indicate expansion.
There were also headlines released earlier in the session that a Chinese group backed by the government has forecast 2013 GDP growth of 8%, which tops the government’s desired growth range of 7.5%. China is the world’s second-largest economy.
The Chinese PMI reading follows some decent data points released during Thursday’s U.S. session. In U.S. economic news, initial claims for jobless benefits fell by 29,000 to 343,000 last week. Economists expected the weekly claims number to fall to 370,000. The less volatile four-week moving average slid by 27,000 to 381,500.
The Census Bureau said U.S. retail sales increased 0.3% last month following a 0.3% drop in October. The core number, which excludes sales at sales at car dealers, building supply stores and gas stations, jumped 0.5% in November after being flat in October.
The Labor Department’s Producer Price Index slid 0.8% in November falling a 0.2% drop in October. Economists expected a November decline of 0.5%.
Elsewhere in Asia, South Korea’s Kospi fell 0.18% while Singapore’s Straits Times climbed 0.17%. Australian S&P/ASX 200 climbed modestly while New Zealand’s NZSE 50 gained 0.11%.