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Asian shares add to gains after China data; Nikkei adds 1.22%

Stock MarketsAug 23, 2011 02:57AM ET
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Investing.com – Asian stock markets added to earlier gains on Tuesday, after better-than-anticipated data on Chinese manufacturing activity eased concerns over a slowdown in the world’s second largest economy.

During late Asian trade, Hong Kong's Hang Seng Index rose 1.31%, Australia’s ASX/200 Index jumped 2.23%, while Japan’s Nikkei 225 Index climbed 1.22%.

A preliminary reading of the HSBC's China purchasing managers' index edged up to 49.8 in August, from a final reading of 49.3 the previous month. There had been some speculation that the reading may turn out to be much weaker.

Following the data, Foxconn International Holdings, the biggest contract manufacturer of mobile phones, climbed 3.1% in Hong Kong.

Meanwhile, Japanese exporters advanced amid speculation that a fresh U.S. stimulus plan could boost exports to the U.S., the largest market for Asian products.

Shares in Fujitsu added 2.14% while shares in Toshiba gained 1.3%. In Korea, shares in Samsung Electronics advanced 4.3%.

In Australia, Origin Energy, the country’s top energy retailer, saw shares surge 5.3% after the company reported a 15% jump in annual profits, matching market expectations.

Origin also forecast underlying profit growth to accelerate to 30% in the year ahead, due in large part to its takeover of two local power retailers, Integral Energy and Country Energy.

The EURO STOXX 50 futures pointed to a gain of 0.99%, France’s CAC 40 futures advanced 1.11%, the FTSE 100 futures rose 0.96%, while Germany's DAX futures indicated rise of 0.96%.

Later in the day, the euro zone was to publish preliminary data on manufacturing and service sector activity, while the ZEW Centre for Economic Research was to release a report on German business confidence. Also Tuesday, the U.S. was to release official data on new home sales.


Asian shares add to gains after China data; Nikkei adds 1.22%
 

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