Asian stocks begin year with a gain on encouraging dataContinue reading the main story
Last Updated at 18:01 ET
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|SSE SE 50||1858.20||Up||7.11||0.38%|
Asian stock markets rose on the first full day of trading in 2012 boosted by better-than-expected economic data.
South Korea's Kospi index rose 2.5%, Hong Kong's Hang Seng gained 2%, and Australia's ASX 200 added 1.2%.
Analysts said market sentiment was also boosted by gains in Europe on Monday, where Germany's Dax index rose 3% and France's Cac 40 ended 2% higher.
However, they warned that last year's market volatility would probably continue in coming months.
Many investors and policymakers have cited the eurozone's debt problems as a key concern.
"The major issues of 2011 still have to be resolved with meaningful solutions required from Europe," said Jason Hughes of IG Markets. "Until this is finally put to bed we are likely to have an amount of uncertainty remaining around global markets."'Upside bias'
A number of economic reports over the past few days have given Asia's markets a boost.
On Tuesday, the latest data from Australia showed that its manufacturing sector grew in December, giving it the first expansion in six months.
Earlier on Sunday, a report showed that manufacturing in China also rebounded in December, easing concerns about the impact of a global slowdown on its economy.
Tuesday's trading day was the first time that many Asian investors had had a chance to react to the reports.
"We had better-than-expected Chinese manufacturing data and we had some fairly positive sessions on the Dax and the Cac overnight," said Cameron Peacock of IG Markets.
"So we were always likely to see a little bit of an upside bias to the market today," he added.