Asia stocks up as China PMI, US data cheer markets worried over coronavirus surge

TOKYO/NEW YORK: Asian shares rose on Tuesday after data showed China's manufacturing sector grew more than expected in June, a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis.

Hong Kong stocks jumped 1.18per cent, undeterred by the Chinese parliament's passage of a security law that will increase Beijing's control over the former British colony. Indeed, for the second quarter Asia ex-Japan shares were on course for a 17.8per cent gain, which would be the biggest quarterly increase since the third quarter of 2009. Stocks appear to have received an added boost on Tuesday as some investors adjusted positions on the last trading day of the quarter.

A recent resurgence in coronavirus infections had led some investors to question the strength of a rebound in global economic activity.The yield on benchmark 10-year Treasury notes was little changed at 0.6348per cent in Asia as traders braced for U.S. non-farm payrolls data on Thursday, which is forecast to show an improving labour market.

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