Asian shares up after Wall St rise

MSN | Indian Express | 01/09/2010

Asian stock markets rose on Wednesday, rebounding from losses as Australia’s economic growth accelerated and Chinese manufacturing activity recovered in August. US stocks helped too. Japan’s Nikkei 225 stock average added 0.5 percent to 8,869.74 after hitting a 16-month closing low the previous day. Ongoing worries about the strong yen kept trading cautious. Hong Kong’s Hang Seng index rose 0.2 percent to 20,578.35, South Korea’s Kospi advanced 0.9 percent to 1,759.20, and mainland China’s benchmark edged up 0.1 percent to 2,642.45.

Leading regional gains, Australia’s S&P/ASX 200 jumped 1.7 percent to 4,478.8. Investors cheered new data showing that the nation’s gross domestic product rose a seasonally adjusted 1.2 percent in the April-June quarter. In China, manufacturing posted the first gain in four months. The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, rose to 51.7 in August from 51.2 July and 52.1 in June. Numbers above 50 show manufacturing activity expanding. "The rise in the PMI for August shows that China’s economy will not suffer a serious correction," the report said, citing federation analyst Zhang Liqun.

In New York on Tuesday, the Dow Jones industrial average edged up 0.05 percent to finish at 10,014.72. Stock indexes gave up most of their gains in mid-afternoon after minutes from the latest Federal Reserve meeting showed officials’ increasing concern about the U.S. economy. Broader indexes were mixed. The Standard & Poor’s 500 index edged up 0.04 percent to 1,049.33. The NASDAQ composite index fell 0.3 percent to 2,114.03. In currencies, the dollar rose to 84.38 yen from 84.16 yen late Tuesday. The euro stood at $1.2684 from $1.2685.

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