China's manufacturing expands for second month

China’s official measure of manufacturing activity reached a seven-month high in November as new orders and export demand increased, adding to signs that China’s economy is rebounding, Bloomberg reported. The Purchasing Managers’ Index (PMI) reached 50.6 in November, the National Bureau of Statistics and the Federation of Logistics and Purchasing said on Saturday, just below the 50.8 median estimate of 28 analysts surveyed by Bloomberg News. A number above 50 signals growth. “It’s especially encouraging that the rise in the PMI was mainly driven by new orders, which suggests output will be further boosted in coming months,” said Lu Ting, an economist at Bank of American (BAC.NYSE). The positive PMI results spurred gains in Asian stocks, according to a separate Bloomberg report. The MSCI Asia Pacific Index, a regional shares benchmark, was up 0.2% to 124.92 as at Sunday morning Tokyo time, the highest level since April 30.