Asian stocks surge on surprisingly upbeat Chinese data

A man looks at an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. Picture: REUTERS/KIM KYUNG-HOON

Australian stocks climbed 0.8%, South Korea’s Kopsi gained 1% and Japan’s Nikkei advanced more than 2%. If sustained, the improvement in business conditions could indicate that manufacturing is on a path to recovery, easing fears that China could slip into a sharper economic downturn. Stocks in Asia also took their cues from Wall Street, with the S&P 500 posting its best quarterly gain in a decade on Friday amid trade optimism.

“Hopes that the US and China would reach an agreement on trade as early as this month are enabling stocks to begin the first quarter on a positive tone.” Sterling took its latest knock after British lawmakers rejected Prime Minister May’s Brexit deal for a third time on Friday, sounding its probable death knell and leaving the country’s withdrawal from the EU in turmoil.The Australian dollar advanced 0.4% to $0.7124 . The Aussie is sensitive to shifts in the economic outlook for China, the country’s main trading partner.Safe-haven government bonds retreated as risk aversion in the broader markets eased.

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