Asian stock markets were broadly higher Thursday, helped by easing of fears about a sharp slowdown in China, while caution remained over the outlook for emerging-market economies.
The Nikkei 225 index leaped 334.27 points, or 1.9%, to 17,722.42.
Markets in Hong Kong and Shanghai were shuttered for a national holiday
Concerns about a sharp slowdown in the global economy are abating somewhat. China’s manufacturing data for September were largely steady from the previous month. On Wednesday, data also showed U.S. private-sector payrolls in September rose at a pace that matched expectations.
China’s official manufacturing purchasing managers index for September rose to 49.8 from 49.7 in August. Economists expected that index to remain unchanged. The Caixin China manufacturing purchasing managers’ index was at a six-and-a-half year low of 47.2 in September, compared with a preliminary figure of 47.0 and 47.3 in August. Readings below 50 still indicate a contraction in manufacturing activity.
Strategists say there are still some concerns about the Chinese banking sector because of potential bad loans stemming from lower commodity prices.
Meanwhile, the Bank of Japan’s latest corporate survey showed Thursday that big manufacturers turned more cautious about the economy over the third quarter, underscoring challenges facing exporters because of China’s economic slowdown.
The BOJ survey’s main index measuring the mood among big manufacturers about present business conditions fell to plus 12 from plus 15 in June, despite record-high profits for Japanese firms.
In other markets
In Korea, the Kospi index gained 16.51 points, or 0.8%, to 1,979.32
In Taiwan, the Taiex Index hiked 114.7 points, or 1.4%, to 8,295.94
In Singapore, the Straits Times Index gained 10.96 points, or 0.4%, to 2,801.85
The NZX 50 slid 7.93 points, or 0.1%, to 5,585.43
The ASX 200 Index spiked 90.51 points, or 1.8%, to 5,112.14
