Investing.com - China shares continued to rise Wednesday, leading gains across Asia, after a measure of Chinese non-manufacturing activity improved.
The Shanghai Composite Index was up 1.5% at 2804.81 as the official non-manufacturing purchasing managers index edged up to 53.9 in November after dipping to a nine-month low of 53.8 in October. A figure over 50 indicates expansion.
The Shanghai benchmark has had a nearly uninterrupted string of daily gains of 1% or more since Nov. 21, when China's central bank made a surprise rate cut.
China investors were buying up blue-chip stocks, from mining and energy to financials. Among the strongest gainers, Anhui Conch Cement Co Ltd (OTC:AHCHY). was up 3.4%, China Pacific Insurance (HK:2601). was up 4.1% and China Merchants Bank Co Ltd (OTC:CIHKY) was up 8.4%.
Australia's S&P/ASX 200 was up 0.4%, even as its economy grew by a less-than-expected 0.3% in the third quarter from the second, amid a broad downturn in investment across the economy.
Overnight, an upbeat U.S. construction gauge and better-than-expected data on car sales sent U.S. stocks rising.
The Dow 30 rose 0.58%, the S&P 500 index rose 0.64%, while the Nasdaq Composite index rose 0.60%.
The Census Bureau reported earlier that U.S. construction spending rose 1.1% in October from a month earlier, beating market estimates for a 0.6% gain after a 0.1% contraction in September.
It was the largest gain since May.
Investors were keeping an eye towards Friday, when the Bureau of Labor Statistics will release its November jobs report.
Elsewhere, Autodata reported earlier that auto sales hit 17.2 million in November, beating market estimates for a 16.7 million reading.
Separately, lower oil prices boosted stocks as well, as investors bet less money spent at the gasoline pump will translate into more holiday shopping this year and give the economy a jolt.
The Organization of Petroleum Exporting Countries said last week that it would keep its official production target unchanged at 30 million barrels a day, disappointing hopes the oil cartel would lower output to support the market.
The 12-member group is responsible for approximately 40% of global supply.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months as have the realizations that conflicts in the Mideast and in Eastern Europe have not disrupted supply as once feared.
On Wednesday, the U.S. is to release the ADP report on private-sector job creation as well as industry data on service-sector activity.