Asian stock markets rose Monday after Wall Street turned in its fifth straight weekly gain and China’s manufacturing growth held steady.
The Shanghai Composite Index CN:SHCOMP rose 0.8% after the Chinese statistics bureau and an industry group reported a survey showed manufacturing grew in August at about the same rate as the previous month.
The Nikkei 225 JP:NIK in Tokyo added 1.8%, rebounding after Prime Minister Shinzo Abe’s announcement that he was resigning for health reasons triggered heavy selling on Friday. Five of Japan’s most venerable corporate names also surged after Warren Buffet’s Berkshire Hathaway Inc. took stakes of slightly more than 5% in them. Read more…..
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Paul McCulley, former PIMCO chief economist, joins ‘Squawk Alley’ to discuss Federal Reserve chairman Jerome Powell’s speech and what the latest Fed decision means for markets and the U.S. economy.