Asian stocks stocky

Asian markets enjoyed a healthy rally on Wednesday following positive manufacturing data from the United States and Europe. Tokyo climbed 1.48 per cent by the break, Hong Kong added 0.15 per cent, Sydney was up 0.12 per cent, Shanghai was 0.42 per cent higher and Seoul put on 0.24 per cent. Global shares broadly swung up on Tuesday following the release of upbeat reports on manufacturing in China, Europe and the United States. Beijing said at the start of the trading day that its official purchasing managers index (PMI) had ticked up in March after hitting an eight-month low in February, beating expectations. Markit Economics said its eurozone PMI for March stood at 53.0. The figure is down from February’s 53.2 but the average reading over the first quarter as a whole was 53.4, which it said was the “the best outcome since the second quarter of 2011”. A reading above 50 denotes expansion while anything below points to contraction. Later, the US Institute for Supply Management said its PMI hit 53.7 from 53.2 the previous month. ISM also said comments from businesses surveyed “reflect favourable demand and good business conditions”, according to AFP.