The Asian stock markets were broadly higher on Monday, bolstered by the rise in market sentiment from the previous week as the U.S. ISM manufacturing index pushed above 40 for the first time since September 2008. In addition, manufacturing outputs in China expanded in April for the first time in nine month as the CLSA’s PMI reading increased to 50.1 from 44.8 in the previous month
[B][U]Asia[/U][/B][B][U] Session Key Developments[/U][/B]
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· [B]Asian policymakers start $120B foreign currency pool to shore up economy[/B]
· [B]China’s manufacturing outputs expand in April[/B][B][/B]
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[B]Hang Seng Surges to Six-Month High as Manufacturing in China Expands in April[/B]
The Asian stock markets were broadly higher on Monday, bolstered by the rise in market sentiment from the previous week as the U.S. ISM manufacturing index pushed above 40 for the first time since September 2008. In addition, manufacturing outputs in China expanded in April for the first time in nine month as the CLSA’s PMI reading increased to 50.1 from 44.8 in the previous month, while policymakers in Japan, China, and South Korea pledged to start a $120 billion foreign-currency reserve pool in an effort to help the Asian economies weather the first global recession since World War II.
[B]NKY 225 8977.37[/B]
The Nikkei stock market closed for public holiday and will be closed until Thursday
[B]HSI 16381.05[/B]
860.06 5.54%
Hong Kong stocks push higher, driving the benchmark index to the highest in more than six month as the Hang Seng Index surged 860.06 points, or 5.54% to close at 16381.05 on Monday. New World Development Co., which generates 26% of its sales from China, advanced 9.9% as manufacturing expanded for the first time in nine months, while China Mobile Ltd., the world’s biggest phone company by subscribers, gained 7.7% after Goldman Sachs Group recommended buying the stock.
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[B]ASX 200 3883.00[/B]
Australian stock market gained on Monday as the benchmark ASX 200 index advanced 113.40 points, or 3.01% to end the session at 3883.00 in Sydney, which is the highest close since November 11. Financials, basic materials, energy and consumer stocks accounted for most of the gains as Commonwealth Bank rose 4.4% and National Australia Bank jumped 4.5%, while BHP rose 2.5%, followed by a 4.9% rise in Rio Tinto as copper prices surged 4.0% in London last week.
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[B][U]Notable Asian Session Event Risk / Economic Releases
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