Asia stocks up as China PMI, U.S. 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.

Sentiment in the region, which got a boost from overnight gains on Wall Street thanks to strong housing data, got a further lift from a survey in China showing a quickening in activity in its vast factory sector. “Overnight moves in markets were not large but one does get the distinct impression that markets have got it both ways – with equities rallying on rebounding data and bonds rallying on dismal COVID-19 news,” said ANZ Research analyst Rahul Khare.

China’s official purchasing managers’ index released Tuesday showed factory activity in the world’s second-largest economy grew for a fourth straight month in June. China’s services sector PMI also expanded at a faster pace compared to the previous month.

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Markets now backward looking again and ignoring forward impacts of shutdowns, got it!

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