Investing.com – Asian stock markets were broadly higher in thin post-holiday trade on Tuesday, as appetite for riskier assets was supported by data showing improvement in Chinese manufacturing activity.
During late Asian trade, Hong Kong's Hang Seng Index rallied 2.4% while Australia’s S&P/ASX200 jumped 1.1% in their first trading session of 2012. Japan’s Nikkei 225 Index remained closed for the extended New Year's holiday.
Official data released Sunday showed that an index of Chinese manufacturing activity rose to 50.3 in December from 49.0 in November, indicating a return to expansionary territory.
The report helped ease fears over an economic ‘hard landing’ in China, prompting investors to move in to riskier assets, such as stocks and commodities.
Oil producers led gains in Hong Kong, as crude oil traded above USD100 a barrel on the New York Mercantile Exchange, boosting earnings prospects for energy explorers.
Oil and gas giant PetroChina saw shares surge 4.95%, Sinopec shares rallied 5.75%, while shares in China’s largest offshore gas driller CNOOC jumped 4.35%.
Financial sector stocks also contributed to gains, with Hong Kong-listed shares of Europe’s largest lender HSBC Holdings gaining 2.4% and China’s biggest bank Industrial and Commercial Bank of China climbing 3.25%.
Hong Kong-based retailers performed strongly, amid renewed optimism over the global economic outlook. Shares of Li & Fung, which is the world’s biggest supplier of toys to major U.S. retailers, surged 5.9%, while shares in Esprit Holdings, which counts Europe as its largest market rose 2.2%.
Meanwhile, in Australia, miners led gains, with BHP Billiton and Rio Tinto climbing 1.1% and 1.8% respectively, while shares in gold producer Newcrest Mining rallied 3.7%.
Iron-ore producer Fortescue Metals Group also performed strongly, gaining 3.3% amid hopes for an increase in demand from top consumer China.
Looking ahead, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.6%, France’s CAC 40 futures added 0.4%, London’s FTSE 100 futures jumped 1.8%, while Germany's DAX futures pointed to a rise of 1.2%.
Later in the day, Germany was to release official data on employment. Meanwhile, the U.S. Institute of Supply Management was to publish a report on manufacturing activity and the Federal Reserve was to publish the minutes of its December policy meeting.
During late Asian trade, Hong Kong's Hang Seng Index rallied 2.4% while Australia’s S&P/ASX200 jumped 1.1% in their first trading session of 2012. Japan’s Nikkei 225 Index remained closed for the extended New Year's holiday.
Official data released Sunday showed that an index of Chinese manufacturing activity rose to 50.3 in December from 49.0 in November, indicating a return to expansionary territory.
The report helped ease fears over an economic ‘hard landing’ in China, prompting investors to move in to riskier assets, such as stocks and commodities.
Oil producers led gains in Hong Kong, as crude oil traded above USD100 a barrel on the New York Mercantile Exchange, boosting earnings prospects for energy explorers.
Oil and gas giant PetroChina saw shares surge 4.95%, Sinopec shares rallied 5.75%, while shares in China’s largest offshore gas driller CNOOC jumped 4.35%.
Financial sector stocks also contributed to gains, with Hong Kong-listed shares of Europe’s largest lender HSBC Holdings gaining 2.4% and China’s biggest bank Industrial and Commercial Bank of China climbing 3.25%.
Hong Kong-based retailers performed strongly, amid renewed optimism over the global economic outlook. Shares of Li & Fung, which is the world’s biggest supplier of toys to major U.S. retailers, surged 5.9%, while shares in Esprit Holdings, which counts Europe as its largest market rose 2.2%.
Meanwhile, in Australia, miners led gains, with BHP Billiton and Rio Tinto climbing 1.1% and 1.8% respectively, while shares in gold producer Newcrest Mining rallied 3.7%.
Iron-ore producer Fortescue Metals Group also performed strongly, gaining 3.3% amid hopes for an increase in demand from top consumer China.
Looking ahead, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.6%, France’s CAC 40 futures added 0.4%, London’s FTSE 100 futures jumped 1.8%, while Germany's DAX futures pointed to a rise of 1.2%.
Later in the day, Germany was to release official data on employment. Meanwhile, the U.S. Institute of Supply Management was to publish a report on manufacturing activity and the Federal Reserve was to publish the minutes of its December policy meeting.