Stock market today: Asian shares gain as China is boosted by strong factory orders
Shares have started the week higher in Asia, led by gains in China as monthly surveys showed improving conditions for manufacturing
BANGKOK — Shares started the week higher in Asia, led by gains in China as monthly surveys showed improving conditions for manufacturing.
Oil prices rose and U.S. futures edged lower.
Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by President-elect Donald Trump once he takes office.
On Saturday, President-elect Donald Trump threatened 100% tariffs against the so-called BRIC bloc of nine nations if they act to undermine the U.S. dollar. The BRICs include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Trump said he wants the bloc to promise it won't create a new currency or otherwise try to undercut the U.S. dollar.
“Asia’s markets are riding a wave of optimism, catching a significant tailwind from Wall Street’s record-setting day on Friday and buoyed further by emerging signs that China’s economic funk might be easing,” Stephen Innes of SPI Asset Management said in a commentary.
He noted that investors are also anticipating further moves by authorities in China to boost the economy ahead of Trump's inauguration next month.
Hong Kong's Hang Seng gained 0.2% to 19,468.27, while the Shanghai Composite index jumped 1% to 3,360.38. Taiwan’s Taiex surged 2.4%.
In Tokyo, the Nikkei 225 index surged 0.7% to 38,482.47.
Automaker Nissan Motor Corp.'s shares fell 1% as reports said the company's CFO, Stephen Ma, plans to step down as the company slashes jobs and production due to weakening sales in
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