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Asian stocks gain on stronger Chinese factory data

Added 12-01-20 01:04:08am EST - “Asian stocks rose Tuesday after Chinese manufacturing improved, South Korea reported stronger exports and Australia's central bank left its benchmark lending rate at a record low. Markets in Shanghai, Tokyo, Hong Kong and Sydney advanced…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Asian stocks gain on stronger Chinese factory data”. Below is an excerpt from the article.

BEIJING (AP) — Asian stocks rose Tuesday after Chinese manufacturing improved, South Korea reported stronger exports and Australia's central bank left its benchmark lending rate at a record low.

Markets in Shanghai, Tokyo, Hong Kong and Sydney advanced as investors looked ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators a day after he said the pace of recovery is moderating.

Wall Street’s benchmark S&P 500 index closed down 0.5% overnight but ended November up 10.8% for its biggest monthly gain since April.

Investors are optimistic about the development of a possible coronavirus vaccine despite caution about the short-term economic impact of rising virus cases in the United States and Europe.

The Shanghai Composite Index gained 1.3% to 3,434.37 after an index of Chinese manufacturing activity by a business magazine, Caixin, hit a decade high in November. A separate survey Monday by the government statistics agency showed activity at a three-year high.

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