Asia stocks up on bank earnings, U.S. dataHONG KONG, Aug 3 (Reuters) - Asian stocks rose to their highest levels in nearly three months and turned positive for the year, boosted by strong European bank results and a sign the U.S. economy was stronger than expected.
"A combination of solid earnings from HSBC and BNP Paribas and strong U.S. manufacturing data has significantly eased economic worries and boosted appetite for stocks," said Lee Sun-yeb, a market analyst at Shinhan Investment Corporation.
GLOBAL ECONOMY-China slows to cruising speed, Europe perks up
BEIJING, Aug 2 (Reuters) - China's manufacturing sector cooled further in July, even shrinking by one measure, but markets took the news as a sign of a desired slowdown rather than a harbinger of a slump that could derail global recovery.
Manufacturing surveys from other big emerging economies India and Russia, also served to bolster investor sentiment, with Asia's third-largest economy marking its 16th month of expansion and Russia's activity improving for the seventh month in a row.
Imports slow US Q2 growth, business spending surges
WASHINGTON, July 30 (Reuters) - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
The fastest rate of business spending in four years would normally be associated with increased confidence in the economy, but analysts said cash-flush companies were merely making up for ground lost during the recession.
Asian stocks up as markets shrug off China data
HONG KONG, Aug 2 (Reuters) - Asian stocks rose on strong corporate earnings and shrugged off news that Chinese manufacturing shrank in July amid investor hopes that the world's fastest growing major economy will expand strongly.
"There is no need to panic because this is just a slowdown, not a meltdown," Qu Hongbin, chief economist for China at HSBC, said in a statement.
GLOBAL MARKETS: Stocks at multi-month highs; euro surges
NEW YORK, Aug 2 (Reuters) - Global stocks surged to a 2-1/2 month high and the euro hit a three-month high on Monday as growth in the U.S. manufacturing sector topped expectations and European bank earnings boosted optimism.
"What we've seen over the last few weeks has been decent earnings, but economic data has been on the weak side. But today we had good earnings out of Europe, and we actually had strong economic data, and that is piling on to a decent start to the month," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio.
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