Asian shares rise on positive China data
Japan’s Nikkei 225 soared 2.2 per cent to 17,771.71.
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.
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