Asian stocks gain on stronger Chinese factory data
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BEIJING (AP) — Asian stocks rose Tuesday after Chinese manufacturing improved, South Korea reported stronger exports and Australia's central bank left its benchmark lending rate at a record low.
Markets in Shanghai, Tokyo, Hong Kong and Sydney advanced as investors looked ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators a day after he said the pace of recovery is moderating.
Wall Street’s benchmark S&P 500 index closed down 0.5% overnight but ended November up 10.8% for its biggest monthly gain since April.
Investors are optimistic about the development of a possible coronavirus vaccine despite caution about the short-term economic impact of rising virus cases in the United States and Europe.
The future “seems incredibly bright and bullish,” Stephen Innes of Axi said in a report.
The Shanghai Composite Index gained 1.3% to 3,434.37 after an index of Chinese manufacturing activity by a business magazine, Caixin, hit a decade high in November. A separate survey Monday by the government statistics agency showed activity at a three-year high.
The Nikkei 225 in Tokyo advanced 1.2% to 26,750.43.
The Hang Seng in Hong Kong added 0.9% to 26,590.04 after the Chinese territory on Monday announced the closure of government offices and restrictions on restaurants and other businesses to stop a new spike in coronavirus infections.
The Kospi in Seoul advanced 1.8% to 2,637.55 after South Korea reported exports rose 4% in November over a year earlier, rebounding from October's decline. That was led by a 16.4% increase for semiconductor sales.
The S&P-ASX 200 in Sydney rose 1.1% to 6,588.50 after Australia’s central bank left its benchmark lending rate unchanged at 0.1%. The bank said an economic recovery is under way but is...