Asian markets rose in early trading Monday after encouraging economic news from China.

China’s official purchasing managers index, released Sunday, showed that the country’s manufacturing sector rebounded strongly in March, to a six-month high of 50.5, from 49.2 in February. Later, the private Caixin China manufacturing purchasing managers index rose to 50.8 in March from 49.9 in February, expanding for the first time in four months. The readings helped ease worries that the world’s second-largest economy was significantly slowing down.

The Shanghai Composite

SHCOMP, +2.43%

  surged 2.3%, and the smaller-cap Shenzhen Composite

399106, +3.16%

  soared 3% on the news. Hong Kong’s Hang Seng index

HSI, +1.59%

  rose 1.5%, and Japan’s Nikkei

NIK, +1.43%

  was up 1.9%. South Korea’s Kospi

SEU, +1.34%

  advanced 1.2% Benchmark indexes in Taiwan

Y9999, +0.01%

  and Singapore

STI, +0.89%

  rose as well, though stocks in Indonesia

JAKIDX, -0.19%

  declined. Australia’s S&P/ASX 200

XJO, +0.59%

  gained 0.7%.

Among individual stocks, Apple Inc.

AAPL, +0.65%

  supplier Japan Display

6740, +11.59%

  skyrocketed after announcing it would seek nearly $1 billion in new financing. SoftBank

9984, +1.63%

  and Toyota

7203, +2.31%

  also advanced. Sunny Optical

2382, +5.23%

  and Galaxy Entertainment

0027, +5.43%

  rose in Hong Kong, and Samsung

005930, +1.12%

  and SK Hynix

000660, +3.23%

  gained in Korea. Beach Energy

BPT, +1.46%

  and Rio Tinto

RIO, +1.65%

  advanced in Australia.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Source link