Asian stocks rose today (September 22nd) as investors focused on upcoming China monthly manufacturing data due tomorrow, which is expected to be slightly better than last month.
It is expected to give the latest update the country's economy, which has been the focus of global markets in recent months and was at the heart of Friday's US Fed decision to keep interest rates unchanged. However, Atlanta Fed President Dennis Lockhart said yesterday he still expected rates would rise this year.
According to a Reuters poll, the preliminary reading of China's manufacturing sector likely rose to 47.5 from August's 47.1. However, it is pointing to a seventh straight monthly contraction in activity.
Hong Kong's Hang Seng was up 0.2 per cent to 21,796.58 and the Shanghai Composite Index in mainland China gained 0.9 per cent to 3,186.32. South Korea's Kospi edged up 0.9 per cent to 1,982.06 and Australia's S&P/ASX 200 soared 0.7 per cent to 5,103.55. Markets in Japan remained closed for a holiday.
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