(Bloomberg) — Asian equities rose as investors digested China’s better-than-expected economic data and additional stock buyback program details from the country’s central bank.
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Shares in China and Hong Kong extended gains after the People’s Bank of China said it set up a relending mechanism with an initial 300 billion yuan ($42.1 billion) quota for bank loans used in share buybacks. Earlier, data also showed that the nation’s latest gross domestic product, industrial production and retail sales figures beat estimates.
An Asian stocks gauge was on track for its first daily advance since last week, partially fueled by chipmakers’ gains following Taiwan Semiconductor Manufacturing Co.’s robust earnings. Shares of the Taiwanese chipmaker jumped as much as 6.3% in opening trade. Shares in Japan also climbed, helped along by a weaker yen.
The PBOC is…
