Nomura: Worst is over for Asian EMs

Shares rose across Asia overnight on positive manufacturing data from China, which analysts said marked a turning point for the region.

Better-than-expected Chinese PMI sent a number of markets across Asia higher, with the Shanghai Composite index rising 1%, and Hong Kong's Hang Seng up 1.1%. The Nikkei 225 led the charge, up 3% to 13,978 by 7.30am, after data showing strong corporate capital expenditure in Japan pointed to an upgrade in growth forecasts. The yen weakened 0.2%, coming close to 100 to the dollar for the first time in a month. More positive market news led investment bank Nomura to say "the worst is over" for the region. "We are through the worst of the crisis but it doesn't mean individual countries...