Investing.com - Japan's benchmark index surged more than 2 percent on Thursday before retracing slightly as regional manufacturing surveys led by China beat expectations and on upbeat views a day after OPEC reached its first deal since 2008 to cut oil production.
The Nikkei 225 climbed 2.26%, led by oil firms such as Inpex, which was up 10.69% and Japan Petroleum Exploration, which jumped 12.98%. A weaker yen this week helped as well with it falling to levels above 114 to the dollar from 112 on Monday.
China reported Thursday that the semi-official CFLP manufacturing index came in at 51.7 for November, compared with a 51.0 level seen, and up from 51.2 the previous month. The CFLP non-manufacturing PMI came in at 54.7, compared to 54.0 last month, subsequent figures from the private Caixin manufacturing PMI rose to 50.9 in November, beating an expected 50.8 level.
The Caixin index has now been above the 50-point neutral level which separates expansion in activity from contraction for five straight months, adding to views that in the world's second-largest economy growth has stabilized thanks to a credit and construction boom.
The Shanghai Composite rose 0.46%.
Earlier in Australia, the AIG manufacturing index jumped to 54.2 in November from 50.9 the previous month. Australia also reported private new capital expenditure dropped 4.0%, more than a 2.5% fall seen for the third quarter. The S&P/ASX 200 gained 0.94%
Japan reported its manufacturing PMI for November at 51.3, up from 51.1.
Overnight, U.S. stocks were mixed after the close on Wednesday, as gains in the Oil & Gas, Basic Materials and Financials sectors led shares higher while losses in the Utilities, Telecoms and Consumer Goods sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average rose 0.01%, while the S&P 500 index declined 0.27%, and the NASDAQ Composite index lost 1.05%.