China stocks gain on upbeat data, rate hopes

HONG KONG: China stocks rose on the first day of February, while Hong Kong shares rebounded after two days of falls, as the country’s manufacturing activity showed an improvement, with investors being hopeful ahead of the Federal Reserve’s rate action.

China’s blue-chip CSI 300 Index gained 0.94%, while the Shanghai Composite Index climbed 0.9%.

Hang Seng Index advanced 1.05% and Hang Seng China Enterprises Index rose 1.82 percent.

Asia’s stock markets steadied, with signs of a slowdown in US wages bolstering hopes that the Fed could hint at an end to rate hikes at its meeting later in the day.