Asian markets mixed, China up on manufacturing data

HONG KONG: Asian markets were mixed on Thursday, with data showing expanding Chinese manufacturing activity providing support while a slump in troubled electronics giant Panasonic stunted Tokyo's rise.

Wall Street's lead was tepid in a quiet first session back after superstorm Sandy battered the US East Coast on Monday and Tuesday, forcing markets to close for two days.

Tokyo was 0.08 percent up by the break, Seoul eased 0.92 percent and Sydney shed 0.72 percent, while Shanghai climbed 1.04 percent and Hong Kong was 0.26 percent higher.

Results from China showed the country's manufacturing activity expanded for the first time in three months, adding to renewed optimism that the world's number two economy is beginning to awake from its recent slumber.

The official purchasing managers' index (PMI) stood at 50.2 last month, better than 49.8 in September, according to the China Federation of Logistics and Purchasing and the National Bureau of Statistics.

A PMI reading above 50 indicates expansion, while anything below points to contraction.

Separately, a survey by HSBC came in at 49.5 in October -- from 47.9 in September -- which, although still in contraction, represents another rise.

The official PMI had contracted in August and September because of a broader slump in the economy caused by weak demand in Europe and the United States.