Asian stocks have made hefty gains this year despite global economic uncertainty, but in the weeks ahead, analysts warn against a possible pull-back in equities if the U.S. is unable to avert the "fiscal cliff" – a series of tax hikes and spending cuts that could tip the world's largest economy into recession.
China's official manufacturing purchasing managers' index held steady in December at 50.6, matching November's seven-month high, as growth in new orders was unchanged and the pace of output softened marginally. With the main index above 50 for three straight months, the survey indicates that China's vast factory sector is expanding.