Asian markets rise, China manufacturing picks up

HONG KONG: Asian markets mostly climbed Thursday as Chinese manufacturing data indicated the economy continues to pick up, while the euro extended its gains on hopes a deal on Greece's bailout will be agreed.
Japanese shares hit at six-month high at one point, as the yen weakened further against the dollar and euro on expectations the country's central bank will unveil fresh monetary easing measures.
The Nikkei was up 1.05 percent by the break while Hong Kong added 0.31 percent, Sydney advanced 1.21 percent and Seoul was 0.71 percent higher. However Shanghai fell 0.67 percent, with investors still fretting over corporate woes.
Banking giant HSBC said China's manufacturing activity grew for the first time in more than a year in November, reinforcing recent views that the economy is beginning to pick up after several months of slowdown.
The bank's purchasing managers' index (PMI) stood at 50.4 this month, compared with 49.5 in October. Anything above 50 points to growth and anything below indicates contraction.
It is the first reading above 50 since October 2011 and adds to a slew of upbeat trade, investment and sales figures released this month and last that have fuelled optimism.
"This confirms that the economic recovery continues to gain momentum towards the year end," Qu Hongbin, HSBC's chief economist for China, said in the bank's release.
In Japan the Nikkei surged 1.46 percent to its highest point since May as it continues to benefit from the weakening yen.
Traders have been selling the Japanese unit since Shinzo Abe, the country's opposition leader and the man likely to become prime minister after next month's election, said he would press for unlimited monetary easing to lift the economy.