(Bloomberg) — Stocks in Asia rose along with U.S. equity futures as investors weighed data on China’s economy that showed a bright spot for manufacturing and the latest news on the trade front. Australian and American bond yields advanced.S&P 500 futures edged up and shares opened higher in Sydney, Seoul and Tokyo. The yield on 10-year Treasuries climbed to 1.8%. On U.S.-China trade: the Global Times reported that China’s government wants tariffs to be rolled back as part of the phase one trade deal with the U.S. Oil recovered a sliver of Friday’s slide.A gauge of China’s manufacturing sector jumped unexpectedly in November and may go some way to validating investor optimism that the global economic slowdown has bottomed. That comes ahead of data this week on American manufacturing and employment. Meantime, Black Friday hit a record $7.4 billion in U.S. online sales.“This improvement in the manufacturing PMI is important because we can say with more certainty, than at the beginning of the year, that China’s macro outlook is indeed stabilizing,” said Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management. “A Phase One related pause, which seems to be around the corner, could herald the end of further, scheduled tariff hikes and the rollback of those imposed in September.”In Hong Kong, clouds of tear gas returned over the weekend as police and protesters clashed. U.S. support for the demonstrators has threatened to weigh on trade talks after China’s foreign ministry warned again last week of unspecified retaliation for President Donald Trump’s signing of the bill.Here are some key events coming up this week:China’s Caixin PMI manufacturing on Monday.U.S. ISM manufacturing and construction spending on Monday.Saudi Aramco’s initial public offering is scheduled to be priced on Thursday.Friday brings the U.S. jobs report, where estimates are for nonfarm payrolls to rise by 190,000 in November.These are the main moves in markets:StocksJapan’s Topix index added 0.8% as of 9:07 a.m. in Tokyo.South Korea’s Kospi climbed 0.6%.Futures on the S&P 500 rose 0.3%. The underlying gauge slipped 0.4% on Friday.Australia’s S&P/ASX 200 Index advanced 0.4%.CurrenciesThe yen dipped 0.1% to 109.61 per dollar.The offshore yuan held at 7.0288 per dollar.The pound slid 0.1% to $1.2916.BondsThe yield on 10-year Treasuries climbed three basis points to 1.81%.Australia’s 10-year yield rose four basis points to 1.07%.CommoditiesWest Texas Intermediate crude rose 1.4% to $55.94 a barrel.Gold slipped 0.2% to $1,460.66 an ounce.To contact the reporter on this story: Adam Haigh in Sydney at [email protected] contact the editors responsible for this story: Christopher Anstey at [email protected], Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
