Asian stocks gained for a third day after a gauge of China’s manufacturing rose to a 16-month high, boosting investor confidence in the global economic recovery.

Nikkei 225 13,572.92 +184.06 +1.37%

Hang Seng 22,176.99 +445.62 +2.05%

S&P/ASX 200 5,188.3 +53.34 +1.04%

Shanghai Composite 2,098.45 +0.07 0.00%

Fanuc Corp., a maker of controls to run machine tools that earns 72 percent of its revenue in Asia, climbed 2.7 percent.

Billabong International Ltd. surged 14 percent after the Australian surfwear company said Coastal Capital International Ltd. is seeking a board shakeup.

Everbright Securities Co. slumped by as much as the 10 percent daily limit in Shanghai as the company that roiled China’s equity market two weeks ago with errant trades said two executives resigned amid record penalties imposed by regulators after an investigation.