Asian shares advance on upbeat U.S. figures

Asian share markets were seen upbeat as global equities placed near a record high on Wednesday. The series of upswings came after the United States posted an expansion in its manufacturing activity, heavily indicating that the world’s largest economy has been gaining tighter momentum.

After a record high on Tuesday, MSCI’s gauge of shares across the globe then performed flatly. Its broadest index of Asia-Pacific shares outside Japan advanced 0.8% higher, with Japan’s benchmark Nikkei gaining a total of 0.36%. South Korea’s index jumped 0.36%, while Australian shares tallied a 0.64% increase.

The markets’ positive performance was mainly from an increase in U.S. manufacturing activity. The acceleration seen in the sector was owed mainly to pent-up demand, which supported orders as the economy emerges from the coronavirus drag.