Growth in Chinese factory orders lifts Asian stocks

Lola Evans
02 Dec 2019, 18:58 GMT+10

Growth in factory orders in China and a rise the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) in November helped push stocks in Asia modestly higher on Monday.
"Output and new orders are both strong.
The Nikkei Composite added 235.59 points or 1.01% to 23,529.50.

SYDNEY, Australia - Growth in factory orders in China and a rise the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) in November helped push stocks in Asia modestly higher on Monday.

"Output and new orders are both strong. The survey seems to suggest domestic demand is pretty strong even if one cannot have unrestrained optimism on the economic outlook," Naoki Tashiro, president of T.S. China Research was quoted as saying by Reuters Thomson.

The Nikkei Composite added 235.59 points or 1.01% to 23,529.50.

China's Shanghai Composite rose 3.83 points or 0.13% to 2,875.81.

In Hong Kong, the Hang Seng jumped 98.23 points or 0.37% to 26,444.72.

The Australian All Ordinaries strengthened by 17.30 points or 0.25% to 6,965.30.

The U.S. dollar dipped slightly against a basket of currencies but gained against the Japanese yen and the Swiss franc.

The euro inched up to 1.1081. The British pound was a fraction stronger at 1.2914. The Canadian dollar was little changed at 1.3280, while the Australian dollar rose slightly to 0.6782. The New Zealand dollar jumped sharply to 0.6461.

The Japanese yen slipped to 109.69, whil;e the Swiss franc buckled to 0.9999.

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