Stocks rise on news of US debt deal

SHANGHAI - Stocks on the Chinese mainland rose for the first time in three days as US lawmakers reached agreement to raise the debt ceiling and avoid default, while a gauge of Chinese manufacturing exceeded economists' estimates.

Jiangxi Copper Co led commodity producers higher after metal prices advanced on speculation the US may avoid a debt default. China Vanke Co, the biggest developer, jumped the most in a month after the Oriental Morning Post said some cities may ease or cancel limits for home purchases next year. Banks fell, paced by Industrial & Commercial Bank of China Ltd, after China Business News reported slowing banks' profit growth.

"The agreement eased investors' concerns over US default risks and the global economic recovery," said Wu Kan, a fund manager at Dazhong Insurance Co, which oversees $285 million. "The worst scenario has been removed."