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Asian shares mixed after upbeat China data

Hong Kong - Asian shares were mixed on Monday after better-than-expected Chinese manufacturing data signalled that a rebound in the world's second-largest economy is gaining momentum.

Last week's surprise decision by the US Federal Reserve to leave its vast stimulus programme unchanged also supported some markets that resumed trade after a series of public holidays.

Shanghai jumped 0.79% and Seoul gained 0.30%, but Sydney was down 0.56%.

Trading in Hong Kong was delayed until 1pm (05:00 GMT) due to a severe weather warning caused by Typhoon Usagi. Tokyo was shut for a public holiday.

China's manufacturing activity expanded in September to a six-month high, banking giant HSBC said, offering a further sign that a recovery in the world's second-largest economy is gaining steam on improving demand.

HSBC said its preliminary purchasing managers' index for the manufacturing sector in China hit 51.2 in September, the highest since March when the index stood at 51.6.

It was higher than last month's final reading of 50.1, which improved from an 11-month low of 47.7 in July and ended three months of contraction, according to the bank. Anything above 50 is considered growth while a reading below indicates contraction.

Stock markets across the globe jumped last week following the Fed's announcement that it would hold off tapering its $85bn a month bond-buying scheme.

Developing economies such as Indonesia, the Philippines and India breathed a sigh of relief after suffering a heavy sell-off in August as investors bet on the Fed winding down its quantitative easing (QE) policy.

The euro rose after German chancellor Angela Merkel clinched her third term in a stunning election victory.

The single currency bought $1.3525, compared with $1.3524 in New York late Friday. It bought ¥134.08 from ¥134.36.

The US dollar dipped to ¥99.13, from ¥99.35.

On oil markets, New York's main contract, West Texas Intermediate for delivery in November was down four cents to $104.71 in mid-morning trade, while Brent North Sea crude for November gained 1c to $109.23.

Gold cost $1 323.20 at 04:25 GMT compared with $1 357.15 Friday.

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