World stocks up after US reports boost

Asian stock markets were boosted today by an upbeat report showing US manufacturing grew in September for the first time in four months.

Hopes that the US economy might be picking up helped push Japan’s Nikkei 225 index 0.3% higher to 8,825.40.

South Korea’s Kospi rose nearly 0.3% to 2,001.41 and Australia’s S&P/ASX 200 gained 0.6% to 4,413.80.

Benchmarks in Singapore, Taiwan and Malaysia also rose. Markets in Hong Kong and mainland China were closed for public holidays.

Investors were emboldened to weigh into stocks after the Institute for Supply Management said yesterday its index of US factory activity rose to 51.5 in September from 49.6 in August. A reading above 50 indicates growth.