Friday, May 22, 2015   

Hong Kong shares end at three-year high
(07-24 17:20)

Shares in Hong Kong hit a more than three-year high and Shanghai also rallied Thursday after an index of manufacturing activity in China hit an 18-month high in June, raising hopes for the world's number two economy.
Hong Kong's benchmark Hang Seng Index jumped 0.71 percent, or 169.63 points, to 24,141.50 -- its highest since April 2011 -- on turnover of HK$86.03 billion (US$11.10 billion).
HSBC said the flash reading for its June purchasing managers index of manufacturing activity surged to 52.0 from a final reading of 50.7 in June.
The result, the highest since January 2013, suggests a string mini stimulus measures from Beijing is giving the economy a boost after a drawn-out slowdown in growth.
Anything above 50 points to growth and a number below suggests contraction in the Asian economic giant and key driver of regional and global growth.
"Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through," HSBC economist Qu Hongbin said in a statement.
"We expect policy makers to maintain their accommodative stance over the next few months to consolidate the recovery." --AFP   
Other Business breaking news:
Margin trading exceeds 2 trillion yuan, propelling risky rally in China markets (15 mins ago)
German business confidence wanes (20 mins ago)
Year end start for China led development bank (23 mins ago)
European equities open higher (55 mins ago)
Domestic demand lifts German economy (1 hr 48 mins ago)
Wal-Mart decides to bypass Li and Fung (2 hrs ago)
Nikkei edges up at close (2 hrs 3 mins ago)
Hang Seng, Shanghai rally (05-22 12:45)
Goldin Financial shares rebound by 3.6pc (05-22 12:43)
Bank of Japan stays the course on policy moves (05-22 11:44)

More breaking news >>

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