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.

Learn about the Asian markets and CFD trading at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (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.