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  • wallisweaver wallisweaver Aug 21, 2013 11:42 PM Flag

    Bloomberg: Asia shares, currencies find hope in China pickup

    Excerpt from article on Bloomberg:

    SYDNEY (Reuters) - Asian markets were thrown a lifeline on Thursday when surprisingly strong data on China's huge manufacturing sector helped offset rising U.S. bond yields, lifting currencies and shares from deep early lows.

    Assets across the region had been under heavy pressure after minutes from the Federal Reserve's July policy meeting showed it was still on track to start tapering stimulus as early as next month, sending Treasury yields to two-year highs.

    But hopes for a pick-up in China were rekindled when HSBC said its preliminary purchasing managers' index rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.

    "This is mainly driven by the initial filtering-through of recent fine-tuning measures and companies' restocking activities, despite the continuous external weakness," said Hongbin Qu, chief China economist at HSBC.

    "We expect further filtering-through, which is likely to deliver some upside surprises to China's growth in the coming months."

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    • SYDNEY (Reuters) - Asian markets were thrown a lifeline on Thursday when surprisingly strong data on China's huge manufacturing sector helped offset rising U.S. bond yields, lifting currencies and shares from deep early lows.

      Assets across the region had been under heavy pressure after minutes from the Federal Reserve's July policy meeting showed it was still on track to start tapering stimulus as early as next month, sending Treasury yields to two-year highs.

      But hopes for a pick-up in China were rekindled when HSBC said its preliminary purchasing managers' index rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.

      "This is mainly driven by the initial filtering-through of recent fine-tuning measures and companies' restocking activities, despite the continuous external weakness," said Hongbin Qu, chief China economist at HSBC.

      "We expect further filtering-through, which is likely to deliver some upside surprises to China's growth in the coming months."

 
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