Asian markets mixed China data offset by US worries

HONG KONG: Asian markets were mixed on Monday after data showing Chinese manufacturing activity had picked up pace in November, were tempered by concerns over US talks to avert the fiscal cliff.

Tokyo closed 0.13 percent, or 12.17 points, higher at 9,458.18, Seoul ended up 0.37 percent, or 7.12 points, to 1,940.02 and Sydney gained 0.57 percent, or 25.5 points, to 4,531.5.

But in afternoon trade Hong Kong was 0.34 percent lower and Shanghai was down 0.36 percent.

Beijing said Saturday that factory activity grew for the second month in a row in November, the latest figures showing the world's number two economy is emerging from its recent slowdown.

The country's official purchasing managers' index (PMI) reached 50.6, up from 50.2 in October and 49.8 in September and the highest since hitting 53.3 in April. Anything above 50 indicates expansion.

In a separate survey, HSBC said its PMI hit a 13-month high of 50.5 in November from 49.5 in October. The bank's PMI had been in negative territory for 12 months.

Chinese manufacturing has been hit by weaker demand in Europe and the United States, with economic growth hitting a more than three-year low of 7.4 percent in the July-September quarter.

A more upbeat outlook for China filtered through to currency markets, where the euro continued its recent rise.

The single currency gained to $1.3023 and 107.17 yen in afternoon trade, from $1.2982 and 107.07 yen in New York late Friday.

The dollar eased to 82.28 yen from 82.48 yen in US trade.