Asia Markets Rise, with Hong Kong Shares Gain over 3% as China’s Factory Output Shows Contraction

On Tuesday, Asian stocks rose as investors awaited the results of a private survey of Chinese factory activity and a decision by Australia’s central bank. The Fed’s meeting also begins on Tuesday stateside.

As of 09.27 A.M. (Thai time), the Hang Seng index in Hong Kong briefly rose 3.22% in early trade. Mainland China’s Shanghai Composite gained 1.30%.

The Nikkei 225 in Japan was 0.20% higher.The Kospi in South Korea also rose 1.27%.

In Australia, the S&P/ASX 200 rose 0.75% as analysts expect the Reserve Bank of Australia to raise interest rates by 25 basis points, according a Reuters poll.
The China’s Caixin manufacturing Purchasing Managers’ Index for October showed that factory activity contracted for the third month in a row.

The reading came in at 49.2, compared with expectations for a print of 49.

In the United States, stocks fell overnight, but the Dow had its best month since 1976, and all of the major averages ended the month in positive territory after two months of losses.