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02.12.2015 06:39 Global Stocks: U.S. stock indices advanced

U.S. stock indices closed higher on Monday despite weak manufacturing data. Investors were focused on the looming ECB meeting and payrolls report.

The Dow Jones Industrial Average rose 168.43 points, or 1%, to 17,888.35. The S&P 500 climbed 22.22 points, or 1.1%, to 2,102.63. The Nasdaq Composite gained 47.64 points, or 0.9% to 5,156.31.

Business activity data from Markit Economics showed that American producers had lost momentum in November, while business conditions had improved at the slowest pace since October 2013. The Manufacturing PMI declined to 52.8 in November on a seasonally adjusted basis from 54.1. The index remained above the 50 points threshold, but the latest reading was below the post-crisis average of 54.3 points.

Meanwhile the Manufacturing PMI from the Institute for Supply Management came in at 48.6 in November compared to 50.1 in October. Economists had expected the index to improve to 50.4.

This morning in Asia Hong Kong Hang Seng rose 0.41%, or 91.14, to 22,472.49. China Shanghai Composite Index rose 0.54%, or 18.71, to 3.475.02. The Nikkei fell 0.23%, or 45.43, to 19,966.97.

Asian indices traded mixed. Chinese stocks rose with property-related stocks leading the gains on speculation that mortgage interest payments could be made tax deductible.

Shares in Japanese electronics company Sharp gained 5.56% on talks that the state-backed fund Innovation Network Corporation of Japan was considering buying a majority stake in Sharp in an approximately $1.63 billion deal.

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