Thursday, October 1, 2015

Asian stocks extend the rally on global cues, China PMIs

FXStreet (Mumbai) - Stocks on the Asian bourses extend the bullish momentum from the previous session on Thursday, tracking the strong gains overnight on Wall Street and on European indices. While the Asian traders digest the mixed factory releases from Japan and China.

Nikkei ignores Japan’s Tankan surveys

The Japanese benchmark, the Nikkei extends the rally as markets ignored the Japanese manufacturing data while the exporters’ stocks shot higher on a weaker yen. The Tankan quarterly business survey showed that the large manufacturers’ index fell from 15 to 12 in the September quarter. At the moment, USD/JPY trades 0.30% higher at 120.22 while the Nikkei rallies 1.74% to 17,691.

The benchmark Australian S&P/ASX 200 also follows suit and jumps 1.50% to 5,096. Investors cheered the upbeat Australian and Chinese manufacturing data that came in above estimates. The AIG manufacturing index continued to expand in September, coming in at 52.1 versus 51.7 in August.

Chinese markets remain closed in observance of National Day.
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