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Asian Shares Rebound On Stimulus Hopes

(RTTNews) - Asian stocks recovered from early losses to end mostly higher on Monday as investors grew optimistic that major central banks will cut interest rates to support the global economy.

Chinese stocks posted strong gains despite manufacturing PMI data released over the weekend coming in well below expectations.

The benchmark Shanghai Composite index jumped 90.63 points, or 3.15 percent, to 2,970.93, while Hong Kong's Hang Seng index gained 0.62 percent to finish at 26,291.68.

The Markit/Caixin manufacturing Purchasing Managers' Index (PMI) dropped to 40.3 in February, falling well below expectations of a reading of 45.7. The official PMI dropped to 35.7 in the month ?a?? the lowest level on record.

The non-manufacturing PMI tumbled to 29.6 last month, largely due to the coronavirus lockdown in most provinces that inhibited business activities.
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