Asian stocks rise after U.S. manufacturing gauge climbs

Bloomberg - Asian stocks rose, with the regional benchmark index rebounding from its biggest drop in two weeks, after a larger-than-forecast climb in a measure of U.S. manufacturing tempered concern about global growth.

The MSCI Asia Pacific Index gained 0.6 percent to 136.59 as of 9:01 a.m. in Tokyo, before markets open in Hong Kong and China. The gauge sank 1.3 percent yesterday as a preliminary reading for a China purchasing managers’ index unexpectedly fell to a seven-month low. A U.S. manufacturing index jumped more than expected, a separate report showed yesterday.

“We are in the relatively optimistic camp on the U.S. economy,” David Cassidy, a Sydney-based strategist at UBS AG, said by phone. “Investors are positioned for an improving growth trend in the U.S. Earnings growth is getting better and that will be enough to lift the market further this year.”

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