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 0.9%, while U.S. stock futures, the S&P 500 e-minis, advanced 0.23%.
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 1.59%, while shares in China gained 0.72%.
Hong Kong stocks jumped 1.18%, 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 2%, shrugging off a larger-than-expected decline in Japanese industrial production.