Asia Markets: Chinese stocks leap, leading gains by Asian markets

Upbeat economic data helped send Chinese stocks higher in their first trading day of the week, while most other Asian markets were up.

An official measure of China’s factory activity stayed in expansionary territory in May, as did its official nonmanufacturing purchasing managers index. That showed there haven’t been significant economic impacts from Beijing’s efforts to crack down on leverage and shadow banking.

The results were “slightly better than expected,” said Hao Hong, head of research at Bocom International. “Though the recovery momentum is decelerating,” May’s increase in the service-sector reading was encouraging, he added. China has been trying to shift its economy to rely more on service industries.

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