Chinese Stocks Rally After Data, Gold Hits Record – Asia Market Wrap

Chinese stocks climbed the highest in a month on new indications of economic revival, providing a bright light in Asia. Gold reached a new high.

Benchmarks rose in mainland China and South Korea, but Japanese stocks sank after a study revealed that confidence among the country’s big manufacturers dipped significantly for the first time in four quarters. US futures nudged up in Asia, with markets in Australia and Hong Kong closed for the holiday.

China’s CSI 300 Index rose as high as 1.8%, the most since February 29, as a comeback in industrial activity fueled optimism that the country’s economic recovery is gaining steam.

Global equities climbed more than 18% in the preceding two quarters, boosted by bets on interest rate decreases and artificial intelligence firms. Those topics will be at the forefront of investors’ minds as the markets approach the new year.