Asian stocks reacted positively to positive data from China and the US and rebounded from monthly lows. In particular, the data on US payrolls and Chinese industrial production, both of which grew more than analysts' expectations, galvanized the lists. In the morning, the MSCI Asia Pacific index was up 0,5% at 139.63 (as of 9:01 in Tokyo) after closing at its lowest since last October 8 last Friday. Conversely, US markets had finished the week with a rally on the back of the jobs data.
"It's good to see equities taking a positive stance rather than worrying about possible tapering," said Stephen Halmarick, head of investment markets research at Colonial First State Global Asset Management in Sydney. “Ultimately, key economic data supports the equity market.”
The Asia-Pacific measure has risen over the past two months, pushing valuations to 13,5 times earnings estimates from 12,7 times at the end of August, according to data compiled by Bloomberg. Also in the morning, Japan's Topix gained 1,2%, Australia's S&P/ASX 200 0,4%, while New Zealand's 50 Index changed little. South Korea's Kospi advanced 0,6%, while Chinese and Hong Kong markets were still closed.
