Asian stocks bounce back on new China data

<p>Investors welcomed the release of better-than-expected China data.</p>

Asian markets bounced back today (September 23rd) from earlier losses after the release of a new report showing that China's manufacturing fared better than expected.

The HSBC flash reading on manufacturing activity (PMI) for September rose to 50.5, from 50.2 in August – although analysts expected 50.0, Reuters report.

Qu Hongbin, head of economic research at HSBC said in a statement that "economic activity in the manufacturing sector showed signs of stabilisation in September. However, overall the data still point to modest expansion. The property downturn remains the biggest downside risk to growth."

The Shanghai Composite Index added 0.9 per cent, while the CSI300 of the leading Shanghai and Shenzhen A-share listings was up 0.8 per cent.

Australia's stocks were up one per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent. Japanese markets were shut for a holiday.

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