HONG KONG: Asian shares rose Tuesday, taking a lead from European markets which started 2012 in positive territory, and after China announced better-than-expected manufacturing data.
Australia's S&P/ASX 200 was up 1.16 percent, Hong Kong rose 1.80 percent in morning trade while Seoul was 2.50 percent higher.
Financial markets in China, Japan and Thailand were closed for a public holiday.
"We are starting the new year on a positive note and data such as better than expected PMI (purchasing managers index) out of China over the weekend will help to give investors new confidence," said Jason Hughes, Head of Premium Client Management at IG Markets.
"However, the major issues of 2011 still have to be resolved with meaningful solutions required from Europe - until this is finally put to bed we are likely to have an amount of uncertainty remaining around global markets."
China's manufacturing unexpectedly rebounded in December on holiday shopping, as the world's number two economy showed some resilience despite strife in key export markets.
The purchasing managers index (PMI) reached 50.3 in December, the China Federation of Logistics and Purchasing said in a statement Sunday.
A reading above 50 indicates the sector is expanding.
Meanwhile, European shares closed higher Monday after figures showed private consumption in Germany was at its strongest level for more than a decade in 2011, despite the ongoing eurozone crisis.
Separately, official data showed the number of people in work hit a record 41.04 million, with more than half a million jobs created last year.
Positive US economic data last week, including rising home sales, also helped buoy markets as investors look for signs of resurgence in the world's biggest economy.
However, the eurozone's still-unresolved fiscal woes continue to weigh on investor sentiment with observers saying the debt crisis would loom over markets into 2012.
Spain, one of several eurozone economies struggling to keep its massive debt under control, last week announced 8.9 billion euros in budget cuts and higher taxes to bring in another 6.3 billion euros as it moves to curb a bigger-than-expected public deficit.
The euro strengthened against the Japanese currency on Tuesday, with the unit changing hands at 99.79 yen in early Asian trade against 99.62 on Friday, as it fell below the 100-yen mark for the first time in 10 years.
The euro bought $1.2985 against $1.2939, while the dollar bought 76.85 yen, against 76.98.
On oil markets, New York's main contract light sweet crude for February delivery gained $1.51 to $100.34 and Brent North Sea crude for February delivery put on $1.12 to $108.50.
Gold stood at $1,577.67 an ounce at 0300 GMT, against $1,579.00.
Comments
Comments are closed for this article.