Chinese manufacturing index rose to a six-month high in September, signaling that a rebound in the world’s second-largest economy is gaining steam.

The preliminary reading of 51.2 for a Purchasing Managers’ Index released Monday by HSBC Holdings Plc and Markit Economics compared with a 50.9 median estimate from 14 economists surveyed by Bloomberg News. The gauge was at 50.1 in August.

Asian stocks and the Australian dollar rose on optimism that China’s growth is picking up, boosting Premier Li Keqiang’s odds of meeting the year’s 7.5 percent expansion goal. The government’s broadest measure of credit rose more than forecast in August, indicating that leaders are committed to achieving targets even at the cost of adding financial risks.

“China’s growth rebound has continued to gather some momentum, especially in exports,” said Wang Tao, chief China economist at UBS AG in Hong Kong. Monday’s reading “adds further support” to UBS’s previous increase in its third-quarter growth forecast to 7.7 percent from 7.5 percent, Wang said.

The final reading of the manufacturing PMI from HSBC and Markit will be released Sept. 30. The National Bureau of Statistics releases the government’s manufacturing PMI, with a bigger sample size, on Oct. 1.

The HSBC report showed increases in output, new orders, export orders and prices, while employment fell at a slower rate. The Flash PMI from HSBC and Markit is based on 85 percent to 90 percent of responses to surveys sent to more than 420 manufacturers.

The MSCI Asia Pacific Index of stocks was up 0.4 percent at 11:52 a.m. in Tokyo. The Shanghai Composite Index rose 0.5 percent at 10:53 a.m. local time, following a 0.3 percent gain on Sept. 18. Chinese financial markets were closed Sept. 19 and Sept. 20 for the Mid-Autumn Festival.

Monday’s reading adds “further evidence to China’s ongoing growth rebound,” Qu Hongbin, chief China economist at HSBC in Hong Kong, said in a statement. “The firmer footing was supported by simultaneous improvements of external and domestic demand.”

Data released earlier this month showed China’s industrial output grew in August at a faster pace and the broadest measure of new credit almost doubled from the previous month to 1.57 trillion yuan ($257 billion). Citigroup Inc. raised its third-quarter growth forecast to 7.8 percent from 7.4 percent, while Deutsche Bank AG raised its estimate to 7.9 percent from 7.7 percent, the second boost in a month.

Patrick Kron, chief executive officer of Alstom SA, a French maker of power equipment and trains, said in an interview last week that the market opportunities in China are “massive” even if growth has slowed.

Manufacturing and service-industry gauges will be released in Europe and the U.S. Monday. Israel sets interest rates, with most economists forecasting that the central bank will keep policy on hold. (Bloomberg)