China’s manufacturing activity expanded for the first time in six months in June, a private survey showed on Monday, adding to evidence the world’s second-biggest economy is stabilizing.
A flash reading of the HSBC/Markit purchasing managers’ index (PMI) rose to 50.8 versus the 49.4 final reading in May, above the 50-level that demarcates expansion from contraction.
The cheer in markets was immediate: Australian dollar rose a quarter of a cent against the greenback, while Asian stocks widened their gains with Australia’s benchmark index leading gains by 0.7 percent.
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