Asian shares, oil advance on strong China factory data
Asian shares were higher Wednesday after reports on key measures of China manufacturing showed a strong recovery after anti-virus controls were lifted late last year.
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Tokyo: Asian shares were higher Wednesday after reports on key measures of China manufacturing showed a strong recovery after anti-virus controls were lifted late last year. Hong Kong's Hang Seng index jumped 3.3 per cent and Shanghai gained 0.9 per cent. Purchasing managers' indexes issued by a business magazine, Caixin, and the official China Federation of Logistics & Purchasing showed gains in production, exports and new orders.
Business activity is recovering after the ruling Communist Party ended stringent anti-virus restrictions in early December. That followed a slump in activity that dragged last year's economic growth to 3 per cent, its second-lowest level since at least the 1970s. That was good news in Hong Kong, where the Hang Seng gained more than 700 points to 20,486.79. Hong Kong's own outlook has improved as it also has relaxed pandemic precautions.
The territory's chief executive, John Lee, announced Tuesday that masks will no longer be required both outdoors and indoors, but some high-risk areas including hospitals and elderly homes can still require their use.
The Shanghai Composite added 28 points to 3,308.53. South Korean markets were closed for a national holiday. Japan's benchmark Nikkei 225 picked up 0.3 per cent to 27,523.17. Australia's S&P/ASX 200 edged up 0.1 per cent to 7,263.10.
