Asian equities finished mostly higher on Wednesday following stronger-than-expected economic data from China and Australia.
HSBC's China services purchasing manager's index (PMI) expanded at its strongest pace in 17 months in August while the government's official PMI rebounded from July's six-month low. Meanwhile, Australia's gross domestic product for the April-June period rose 0.5 percent on quarter, above expectations.
"It's great to see good news resulting in equity appreciation, rather than the market pricing out stimulus and subsequently falling," said Chris Weston, chief market strategist at IG, in a note.
The U.S. dollar index jumped to an over one-year high in Asian trade following robust U.S. economic data overnight. The pace of manufacturing growth soared to a three-year high in August while July construction spending was at its highest in over five years.
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