Rebound in manufacturing lifts Asian shares
Equities extend their rally as positive Chinese and US factory activity surveys boost investor confidence
Tokyo — Asian shares extended their rally on Tuesday as positive Chinese and US factory activity surveys aided investor confidence, and the ebbing concerns over the global economy spurred selling of safe-haven US bonds as yields rose from 15-month troughs. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2%, hitting a seven-month high after rallying more than 1% in the previous session. Australian shares gained 0.5% and Japan's Nikkei advanced 0.3%, extending its gains for a third session. The Shanghai Composite Index climbed 0.1%, while Hong Kong’s Hang Seng Index was flat. Wall Street shares jumped on Monday, with the S&P 500 and Dow Jones Industrial Average both rising more than 1%, with the Dow lifted by sharp gains in Caterpillar and Boeing. Investors cheered US data overnight showing improvements in manufacturing activity in March and construction spending for February, which overshadowed an unexpected drop in retail sales. The upbeat readings reinforced pos...
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