Investing.com – Asian stocks advanced in morning trade on Monday, with Chinese equities jumped more than 2% following the release of the data that showed economic activity in China unexpectedly recovered in March.
China’s and the jumped 2% and 2.9% respectively by 10:35 PM ET (02:35 GMT). Hong Kong’s gained 1.9%.
A pick up in China’s manufacturing activity was cited as the catalyst for the buying in Chinese stocks, as both the private Caixin/Markit Manufacturing Purchasing Managers’ Index and the official Purchasing Managers’ Index (PMI) expanded unexpectedly in March.
The (PMI) came in at 50.8 for March, higher than the expected 49.9.
On Sunday, the National Bureau of Statistics reported that the official (PMI) rose to 50.5 in March from February’s three-year low of 49.2. It was the first expansion in four months.
A reading below 50 signals contraction, while a reading above that level indicates expansion.
On the Sino-U.S. trade front, discussions will continue when Chinese Vice Premier Liu He and his team head to Washington later this week, days after U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer travelled to Beijing.
Japan’s jumped 2.1% even after a quarterly Tankan survey released by the Bank of Japan showed among Japan’s large manufacturers dropped to 12 in March from 19 in December.
Apple (NASDAQ:) supplier Japan Display Inc (T:) surged as much as 12% on reports that the company might soon reach a financing agreement worths 60 to 80 billion yen ($540 to $720 million).
South Korea’s gained 1.2%.
Down under, Australia’s traded 0.7% higher. The country’s fell to 0 in March from 2 the previous month, a National Australia Bank Ltd. report showed Monday.
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