By Laura He, MarketWatch
Japanese stocks extend losses after "tankan" data
HONG KONG (MarketWatch) -- Chinese stocks jumped to a seven-year
closing high on Wednesday, ending above 3,800 for the first time
since 2008, after two separate gauges of Chinese manufacturing
activity in March both came in better than expected.
Mainland China's benchmark Shanghai Composite Index advanced
1.7% to 3,810.29, the highest settlement in more than seven
years.
In Hong Kong, the Hang Seng Index rose 0.7% to 25,082.75,
extending a three-session winning streak. The index marked its best
close in nearly seven months.
Earlier in the day, China's official manufacturing Purchasing
Managers Index rose to 50.1 in March from 49.9 in February,
(http://www.marketwatch.com/story/chinas-official-manufacturing-pmi-rebounds-2015-03-31)
back above the 50 mark dividing expansion from contraction. The
result beat a forecast of a 49.8 gain in a Wall Street Journal
survey.
On the same day, HSBC's final reading of China's manufacturing
PMI for March was revised upward to 49.6, from a preliminary 49.2
(http://www.marketwatch.com/story/china-hsbc-manufacturing-pmi-shows-drop-2015-03-31),
also ahead of market expectations.
In other Asian markets, Japanese stocks built on earlier losses
after the Bank of Japan's quarterly "tankan" survey of Japan's big
manufacturers showed
(http://www.marketwatch.com/story/japans-tankan-sentiment-survey-shows-few-gains-2015-03-31)
business sentiment barely changed, missing forecasts.
The Nikkei Average declined 0.9%, with the broader Topix also
down 0.9%.
The yen (USDJPY) fell against the dollar to Yen120.27, compared
with Yen120.14 late Tuesday in New York.
Elsewhere, Seoul's Kospi Composite Index lost 0.6%, and Sydney's S&P/ASX 200 dropped 0.5%.
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