HONG KONG – Asian stocks advanced Wednesday, with Tokyo's index up nearly 3 percent, as better-than-expected news about the U.S. and Chinese economies raised hopes the global downturn was nearing a bottom.
The region's upward swing followed Wall Street , where investors breathed a little easier after a surprise jump in home sales in December suggested the battered housing market might soon stabilize. Investors also were heartened by Wednesday's report showing a recovery in Chinese manufacturing might be taking shape. While manufacturing shrank again in January, the contraction was less severe than in recent months and seen by some as a sign China's stimulus measures were beginning to work.
Full Story: Asia stocks rise amid signs downturn is bottoming (AP)
The region's upward swing followed Wall Street , where investors breathed a little easier after a surprise jump in home sales in December suggested the battered housing market might soon stabilize. Investors also were heartened by Wednesday's report showing a recovery in Chinese manufacturing might be taking shape. While manufacturing shrank again in January, the contraction was less severe than in recent months and seen by some as a sign China's stimulus measures were beginning to work.
Full Story: Asia stocks rise amid signs downturn is bottoming (AP)
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