Asian stocks rise on manufacturing data

Asian stocks enjoyed growth in early trading this morning (November 23rd), as manufacturing figures across the continent showed signs of improvement.

According to the latest figures, Chinese markets recovered from a fall the previous day, while Taiwanese shares skyrocketed following reports of bond-buying by the country's government, reports Market Watch.

Preliminary ratings from HSBC highlighted that China's Purchasing Managers' Index increased to 50.4 in November, representing the first advances in more than a year.

In addition, although data showed the region's factories remain in contraction, business conditions rose to an eight-month high.

Regional benchmarks in Asia surged on data that showed an improvement in manufacturing from China and the eurozone.

Hong Kong's Hang Seng Index increased by 0.4 per cent, while China's Shanghai Composite advanced by 0.6 per cent and South Korea's Kospi was up 0.3 per cent.

Singapore-based economist Tim Condon from ING Financial Markets Research said: "The adverse spending shock is over. It’s now about slow growth in the U.S., an export-led recovery in China and recession in the eurozone."

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