Asian shares rise on positive China data

<p>Japan’s Nikkei 225 soared 2.2 per cent to 17,771.71.</p>

Asian stock markets rose today (October 1st), boosted by an upbeat session on Wall Street triggered by the release of China's September manufacturing data, which remained largely steady from the previous month. 

The country's official manufacturing purchasing managers index for September rose to 49.8 from 49.7 in August.

Overnight on Wall Street, the tech-heavy Nasdaq Composite jumped 2.3 per cent, while the Dow Jones Industrial Average and the S&P 500 edged up 1.5 and 1.9 per cent respectively.

Yukino Yamada, senior strategist at Daiwa Securities, told MarketWatch that investors' focus will be on China's potential policy steps to boost its economy, expected to be announced after the National Day holidays.

"Once China’s consumption picks up steam, leading to higher commodity consumption and prices, weights on financial stocks may be removed and expectations may also increase that policy steps taken by many others countries will start working," he said.

Japan's Nikkei 225 soared 2.2 per cent to 17,771.71, South Korea's Kospi gained one per cent to 1,982.74 and Australia's S&P/ASX 200 jumped 1.7 per cent to 5,105.80. Markets in Hong Kong and mainland China were closed for holidays.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.