Asia Stocks Soar in November Despite Weak China Data and Hong Kong Losses

Asian stocks closed their strongest month since January, with the MSCI Asia-ex-Japan stocks index up 6.9% in November. Investor sentiment was boosted by a positive global interest rates outlook and signs of economic recovery. Despite weak manufacturing data, China's benchmark CSI300 Index rose, while South Korea's KOSPI led the rally in Asia. The Hang Seng Index in Hong Kong and European and US futures also saw gains. The market is anticipating a pause in the raising cycle of central banks due to inflation prints and bond markets, and there are expectations of rate cuts as early as the first quarter of 2024.