U.S. stocks began the second quarter with robust gains Monday on strong China manufacturing data from two reports.
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The Chinese government statistics bureau said Sunday its monthly purchasing managers’ index (PMI) rose to 50.5 on a 100-point scale on which numbers above 50 show activity rising — up 1.3 points from February.
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Secondly, China’s Caixin/Markit Manufacturing PMI unexpectedly rose to 50.8 versus forecasts it would hold steady at 49.9. Like the official government report it’s also the first reading above 50 since November, in addition to being the strongest growth since March.
Both reports are easing worries about an economic slowdown in China, particularly after some recent disappointing data on industrial output.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26110.11 | +181.43 | +0.70% |
| SP500 | S&P 500 | 2834.4 | +18.96 | +0.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7729.320696 | +60.16 | +0.78% |
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U.S.-Chinese trade talks are due to resume in Washington after a round in Beijing last week that U.S. Treasury Secretary Steven Mnuchin described as “constructive.” Prospects of a resolution to the trade conflict between the world’s two largest economies buoyed investor sentiment.
Chinese and American officials are aiming to put to rest a dispute over technology and other issues. Chinese Vice Premier Liu He is expected to travel to Washington next week.
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Japan’s Nikkei 225 index rose 1.4 percent to 21,509.03, easing off earlier highs after economic data showed conditions for manufacturers deteriorating. The Shanghai Composite index popped 2.6 percent to 3,170.36 and Hong Kong’s Hang Seng increased 1.7 percent to 29,554.74.
European shares were climbing despite bad economic reports there, with Germany’s DAX gaining 1 percent to 11,645. The CAC40 in France advanced 0.5 percent to 5,378 and Britain’s FTSE 100 rose 0.6 percent to 7,324.
The Associated Press contributed to this report.
