Asian Equities Higher After Positive China PMI

Asian stocks and the Australian dollar rose on Monday as upbeat news from China’s factory sector and fresh highs on Wall Street fueled appetite for riskier assets, while crude oil held near nine-month highs as fighting in Iraq intensified.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.7 percent by mid-morning. Tokyo’s Nikkei .N225 rose 0.4 percent, shaking off early weakness.

The MSCI index hit intraday highs after the June HSBC/Markit Flash China PMI showed China’s factory sector activity expanded for the first time in six months, offering new signs the economy is stabilising thanks to Beijing’s measures to shore up growth.

Reuters

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