Asian Stocks Rally as China Factory Data Boosts Stimulus Outlook
- Chinese manufacturing PMI drops to lowest in three years
- Nikkei closes above 20,000 for first time since August
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Asian stocks rose following Monday’s selloff as investors focused on the positives from Chinese data that showed manufacturing contracting to the lowest in three years.
The MSCI Asia Pacific Index jumped 1.8 percent to 134.10 as of 4:54 p.m. Hong Kong time after dropping 1 percent on Monday to cap a 2 percent November decline. Material companies and utilities led gains on Tuesday as all of the measure’s 10 industry groups rose. China’s official purchasing managers index for November was 49.6, slightly below economists estimates for 49.8 and the lowest since August 2012.