Asian stocks rose to their highest level in more than two years on Monday boosted by strong emerging market fund inflows and last week's positive economic news from China.
In its latest note, EPFR Global said emerging market equity funds ended September with their 18th consecutive week of net inflows. So far in 2010, inflows are 87% of last year's record $44.2bn. Markets were also boosted by strong Chinese manufacturing data released last Friday. The purchasing managers' index rose to 53.8, beating expectations of a reading of 52 and reassuring investors about the strength of the world's second largest economy. The MSCI index of Asian stocks outside Japan advanced 0.5% to the highest level since June 2008. Hong Kong's benchmark Hang Seng index jum...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes