There was confirmation today of a rebound in China's manufacturing sector. From Bloomberg:
China’s manufacturing expanded for the first time in nine months after declines in export orders moderated and investment surged because of the government’s 4 trillion yuan ($586 billion) stimulus package.
The CLSA China Purchasing Managers’ Index rose to a seasonally adjusted 50.1 in April from 44.8 in March, CLSA Asia- Pacific Markets said today in an e-mailed statement. A reading above 50 indicates an expansion.
An official manufacturing index released on May 1 also showed growth, adding to signs that China’s economic recovery is gaining pace and global demand is stabilizing. The Shanghai Composite Index closed 3.3 percent higher, extending its increase this year to 41 percent, and Hong Kong’s Hang Seng Index jumped 5.5 percent.
Other stock markets in the Asia-Pacific region also rose strongly today, according to another Bloomberg report.
The MSCI Asia Pacific excluding Japan Index jumped 4.9 percent to 295.11 as of 6:42 p.m. in Hong Kong, the highest since Oct. 3. The measure has gained 19 percent this year amid speculation the worst of the global recession is over. It sank by a record 53 percent in 2008. Japan’s stock market is closed for a three-day holiday.
Australia’s S&P/ASX 200 Index gained 3 percent. Hong Kong’s Hang Seng Index climbed 5.5 percent even as a 25-year-old Mexican was confirmed as the city’s first swine flu patient. Taiwan’s Taiex index jumped 5.6 percent after Goldman Sachs raised its recommendation on the island’s equities to “overweight.” All markets in Asia advanced.
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