China’s Manufacturing Expands, Japanese Stocks Slump
China’s stocks rebounded in late trading as an unexpected jump in an official factory gauge increased optimism about the economy and speculation grew that state-backed funds intervened to support the market after Standard & Poor’s cut the nation’s credit-rating outlook. However, Japanese stocks began the new fiscal year with the biggest loss in seven weeks, as business sentiment deteriorated to near a three-year low. The Tankan index fell to a reading of 6 in the first quarter, the lowest level since mid-2013, from 12 in the previous three months, the Bank of Japan reported Friday. Kleinwort Benson Bank Chief Investment Officer Mouhammed Choukeir discusses with “On the Move” host Manus Cranny in London and Bloomberg’s Hans Nichols in Berlin.