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Dec. 1, 2020, 12:03 a.m. EST

Asian markets gain on strong Chinese manufacturing data

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By Associated Press

BEIJING — Asian stocks rose Tuesday after Chinese manufacturing improved, with investors looking ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators.

Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced.

Wall Street’s benchmark S&P 500 index closed down 0.5% overnight but ended November up 10.8% for its biggest monthly gain since April.

Investors are increasingly optimistic about the expected development of a coronavirus vaccine despite caution about the short-term economic impact of rising virus cases in the United States and Europe.

The future “seems incredibly bright and bullish,” Stephen Innes of Axi said in a report.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +1.07% gained 1.3% while the Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.82% in Tokyo advanced 1.4%. The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.12% in Hong Kong added 0.9%.

The Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.49% in Seoul advanced 1.6% and the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.79% in Sydney was 1% higher. New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR +1.04% declined while markets in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +2.20% , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.61% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.25% gained.

An index of Chinese manufacturing released by a business magazine, Caixin, hit a decade high in November as the country’s recovery from the pandemic gained strength. A separate survey Monday by the government statistics agency showed activity at a three-year high.

Strength in the Chinese economy is helping offset unease about rising virus cases in the United States and Europe and possible renewed controls on business and travel.

In Washington, Powell said in a statement Monday that economic prospects are “extraordinarily uncertain” after the pace of improvement moderated. He said a full recovery is unlikely until the public is confident the disease is under control.

Powell was due to appear Tuesday before the Senate Banking Committee with Treasury Secretary Steven Mnuchin. The panel oversees the $2 trillion aid package approved by Congress in March.

The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.03% declined to 3,621.63. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.04% lost 0.9% to 29,638.64. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.55% slipped 0.1% to 12,198.74.

The slide followed reports showing the pandemic dragging down U.S. economic activity in the near future. But investors appear to be looking beyond that.

Investors are encouraged by the end of uncertainty about the outcome of the U.S. presidential election. They are reassured Washington will be under divided control, reducing the chances of big changes in taxes or regulation.

Markets also have been heartened by announcements from pharmaceutical companies of advances in vaccine development.

One developer, Moderna /zigman2/quotes/205619834/composite MRNA +6.26% , said Monday it is ready to apply for emergency approval in the United States and Britain. Pfizer /zigman2/quotes/202877789/composite PFE -0.05% and German partner BioNTech /zigman2/quotes/214419716/composite BNTX +2.13% are asking to begin vaccinations in the U.S. in December. British regulators also are assessing the Pfizer shot and another from AstraZeneca /zigman2/quotes/200304487/composite AZN +0.59% .

In energy markets, benchmark U.S. crude oil lost 36 cents to $44.98 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 19 cents to $45.34 on Monday. Brent crude , used to price international oils, sank 32 cents to $47.56 per barrel in London. It dropped 59 cents from the previous session to $47.59.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0261% rose to 104.43 yen from Monday’s 104.34 yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,621.26
+38.17 +1.07%
Volume: 32.75B
Jan. 21, 2021 3:01p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
28,756.86
+233.60 +0.82%
Volume: 0.00
Jan. 21, 2021 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,927.76
-34.71 -0.12%
Volume: 3.00M
Jan. 21, 2021 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,160.84
+46.29 +1.49%
Volume: 1.36M
Jan. 21, 2021 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,823.70
+53.30 +0.79%
Volume: 71,537
Jan. 22, 2021 7:12a
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
13,248.13
+135.94 +1.04%
Volume: 0.00
Jan. 22, 2021 10:03a
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
16,153.77
+347.59 +2.20%
Volume: 0.00
Jan. 21, 2021 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,017.15
+18.38 +0.61%
Volume: 0.00
Jan. 21, 2021 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,413.89
-15.87 -0.25%
Volume: 0.00
Jan. 21, 2021 3:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,853.07
+1.22 +0.03%
Volume: 2.55B
Jan. 21, 2021 4:20p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,176.01
-12.37 -0.04%
Volume: 418.78M
Jan. 21, 2021 4:20p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
13,530.91
+73.67 +0.55%
Volume: 6.76M
Jan. 21, 2021 4:23p
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/zigman2/quotes/205619834/composite
US : U.S.: Nasdaq
$ 132.98
+7.84 +6.26%
Volume: 20.77M
Jan. 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$49.52 billion
Rev. per Employee
$72,541
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 36.48
-0.02 -0.05%
Volume: 33.59M
Jan. 21, 2021 4:00p
P/E Ratio
23.62
Dividend Yield
4.28%
Market Cap
$202.88 billion
Rev. per Employee
$586,070
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/zigman2/quotes/214419716/composite
US : U.S.: Nasdaq
$ 105.43
+2.20 +2.13%
Volume: 2.25M
Jan. 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$24.86 billion
Rev. per Employee
$92,777
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/zigman2/quotes/200304487/composite
US : U.S.: Nasdaq
$ 52.55
+0.31 +0.59%
Volume: 16.03M
Jan. 21, 2021 4:00p
P/E Ratio
54.86
Dividend Yield
2.61%
Market Cap
$136.80 billion
Rev. per Employee
$346,812
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
103.5070
-0.0270 -0.0261%
Volume: 0.0000
Jan. 21, 2021 4:23p
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