Asian Markets Trade Higher On China Manufacturing Data

(RTTNews.com) - Asian stock markets are mostly trading higher on Monday after data showed that China's manufacturing sector expanded in November for the first tine in thirteen months. However, gains were muted as continued uncertainty about the looming fiscal cliff in the United States weighed on investor sentiment.
An index measuring China's manufacturing sector saw a final reading of 50.5 in November, a survey from HSBC revealed on Monday. The headline figure beat last month's advanced estimate of 50.4 and was up from 49.5 in October. A reading above 50 means expansion in a sector, while a score below 50 signals contraction.
Also, an official PMI for China's non-manufacturing came in at 55.6 in November, the government said, up from 55.5 in October.
The Japanese stock market opened higher on Monday with investors picking up stocks following the yen's weakness against the U.S. dollar. Hopes of additional monetary easing from the central bank too contributed to the firm start.
Automobile, financial, construction, real estate, glass & ceramics and paper stocks are mostly trading higher. Electric power and communications stocks opened weak and are still mostly trading in negative territory.
The benchmark Nikkei 225 index is trading at 9,520.8, up 74.8 points or 0.8 percent from its previous close.
Shimizu Corp., Teijin, Chioyda Corp., Nippon Paper Group, Taisei Corp., Obayashi, Shinsei Bank, Sumitomo Realty & Development, Sumitomo Electric Industries and NTN Corp. are up 3 to 5.2 percent.
Tokyu Land, Mitsubishi Estate, Tokyo Tatemono, Sumitomo Osaka Cement, Mitsui Fudosan, Mitsui Mining & Smelting, Japan Steel Works, Kubota Corp, Heiwa Real Estate. Sumitomo Chemica and Hitachi Construction Mahinery are all trading higher by over 2 percent.
Fast Retailing is trading firm following an announcement from the company that it will buy an 80.1 percent stake in U.S. denim maker J Brand Holdings from Star Avenue Capital and J Brand managers for $290 million to gain more brand clout in the United States.
Among the prominent losers, Kansai Electric Power is down 4.4 percent, Citizen Holdings is trading lower by 2.6 percent, Chubu Electric Power, Nippon Yusen KK, Softbank Corp. and Shiseido Co. are down 1.8 to 2.6 percent, and Kobe Steel, Pioneer Corp, JX Holdings and Japan Tobacco are down 0.8 to 1.4 percent.
In the currency market, the U.S. dollar traded in the mid 82 yen range in early deals in Tokyo. The yen is currently trading at 82.36 to the dollar.
Despite a flat lead from Wall Street, the Australian market is trading notably higher on Monday with investors indulging in some strong buying in several key stocks from financial, energy and consumer staples sections.
Property trusts and healthcare stocks too are trading firm, while mining and industrial stocks are trading mixed.
The benchmark S&P/ASX 200 index is up 28.1 points or 0.6 percent at 4,534.1. The broader All Ordinaries index is trading at 4,542.5, up 24.5 points or 0.5 percent from its previous close.
Among bank stocks, ANZ Bank is up 1.2 percent, Commonwealth Bank of Australia is trading 1.5 percent up and Westpac is up marginally, while National Australia Bank is trading flat. Bendigo & Adelaide Bank is up nearly a percent and Bank of Queensland is trading modestly higher.
Among top miners, BHP Billiton (BHP, BBL) and Rio Tinto (RIO, RIO.L) are up with modest gains, while Fortescue Metals and Newcrest Mining are trading lower by 2.4 percent and 1.4 percent, respectively.
In the energy sector, Woodside Petroleum is gaining about 1 percent. Woodside Petroleum has struck a $696 million (A$670.04 million) agreement with U.S-based Noble Energy, confirming its role in a major gas prospect off the coast of Israel. The company has agreed to commercial terms for the acquisition of two exploration licences in the Leviathan gas field in the Mediterranean Sea.
The deal with the U.S.-based firm Noble Energy gives Woodside a 30 percent interest in the Leviathan field, a major deepwater gas prospect discovered in 2010.
Santos and Oil Search are trading flat, while Origin Energy and Caltex Australia are up 0.9 percent and 0.8 percent, respectively.
Iluka Resources, Tatts Group, AMP, GPT Group and Whitehaven Coal are trading higher by 2 to 2.6 percent.
Boart Longyear is down more than 4 percent. Arrium, Metcash, Paladin Energy, Alumina (AWC), Atlas Iron, Regis Resources, David Jones and Perseus Mining are down 2 to 3.6 percent.
On the economic front, retail sales in Australia were unchanged on month in October, at A$21.563 billion, according to the data released by the Australian Bureau of Statistics. That missed forecasts for an increase of 0.4 percent on month following the 0.5 percent gain in September and the 0.3 percent rise in August.
By category, food retailing was up 0.5 percent, while household goods added 0.1 percent. Cafes, restaurants and takeaway food services were flat, while clothing, footwear and personal accessory retailing shed 0.4 percent, and department stores eased 0.1 percent.
According to another report from the bureau, inventories were up a seasonally adjusted 1.1 percent in the third quarter of 2012 compared to the previous three months, beating forecasts for an increase of 0.4 percent following the downwardly revised 0.3 percent gain in the second quarter. On year, inventories were up 4.0 percent.
Company operation profits contracted 2.9 percent on quarter, beating forecasts for a fall of 3.0 percent after easing an upwardly revised 0.3 percent in Q2. Profits plummeted 13.0 percent on year. Wages and salaries eased 0.2 percent on quarter but added 3.6 percent on year.
Meanwhile, Australian job advertisements have fallen for an eighth consecutive month, with falls in the mining states reflecting weaker activity in the resources sector. The ANZ Job Ads survey showed the total number of ads fell 2.9 percent in November, after a drop of 4.6 percent in October. Newspaper job ads declined 4.6 percent in November, and internet job ads declined by 2.8percent.
In the currency market, the Australian dollar edged higher and was quoting at US$1.0437 in early trades, up slightly from Friday's close of US$1.0433.
On Wall Street, stocks ended mostly flat on Friday, after showing a lack of direction through much of the session, amid continued uncertainty about the looming fiscal cliff.
While the Nasdaq ended down 1.8 points or 0.1 percent at 3,010.2, the Dow inched up 3.8 points or less than a tenth of a percent to 13,025.6 and the S&P 500 crept up 0.2 points or less than a tenth of a percent to 1,416.2.
Major European markets turned in a mixed performance on Friday. While the German DAX index inched up by 0.1 percent, the French CAC 40 index and the U.K.'s FTSE index drifted down by 0.3 percent and 0.1 percent, respectively.
U.S. crude oil ended higher on Friday, on a weak dollar and some mixed macroeconomic economic data with investors optimistic of a thaw in the U.S. budget talks. Crude for January delivery ended up $0.84 or 1 percent at $88.91 a barrel on the New York Mercantile Exchange, after scaling an intraday high of $88.94 a barrel.
Among other markets in the region, Hong Kong, Taiwan, New Zealand, Singapore and Indonesia are trading higher. Bucking the trend, Shanghai and Malaysia are trading lower.

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