Asia stocks set to rise on upbeat data, focus on China PMI

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Asian markets were poised to follow Wall Street’s firm lead on Tuesday as the sentiment boost from upbeat U.S. data outweighed the threat of rising COVID-19 infections in the world’s largest economy.

FILE PHOTO: A man wearing a protective face mask walks past the Singapore Exchange (SGX) in central business district area in Singapore, April 7, 2020. REUTERS/Edgar Su 30 Jun 2020 08:05AM(Updated: 30 Jun 2020 10:56AM) Share this content

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TOKYO/NEW YORK: Asian shares rose on Tuesday after data showed China’s manufacturing sector grew more than expected in June, a hopeful sign for a global economy still struggling to recover from the sweeping impact of the coronavirus crisis.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.9per cent, while U.S. stock futures, the S&P 500 e-minis, advanced 0.23per cent.

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Sentiment in the region, which got a boost from overnight gains on Wall Street thanks to strong housing data, got a further lift from a survey in China showing a quickening in activity in its vast factory sector.

The stock market in Australia, which has crucial economic links with China, rose 1.59per cent, while shares in China gained 0.72per cent.

Hong Kong stocks jumped 1.18per cent, undeterred by the Chinese parliament’s passage of a security law that will increase Beijing’s control over the former British colony.

The Nikkei rose 2per cent, shrugging off a larger-than-expected decline in Japanese industrial production.

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Overall, however, Asian shares are still on course for a 7per cent decline over the first half of this year, underscoring the severity of the pandemic-sparked losses and the challenges facing investors as global infections continue to rise in a blow to hopes of a quick recovery.

“Overnight moves in markets were

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