Global stocks are moving to the upside today on news that China's manufacturing sector expanded slightly in January, easing fears that the world's second-largest economy will endure a painful contraction. Meanwhile in Portugal, yields fell as the treasury sold 1.5 billion euros ($2 billion) in bonds. Fears that Portugal will seek a bailout, however, remain high. Optimism that debt swapping talks in Greece will enable the country to avoid default helped push stocks up across the board in Europe during late morning trading. The London FTSE rose 1.29%, Germany's DAX was up 1.96% and the Paris CAC 40 climbed 1.63%.

The British pound appreciated 0.24% to $1.5794 and the euro rose 0.49% to $1.3146.

Overnight, good economic news out of China failed to lift shares in Shanghai ( YAO , quote ), which overnight slid 1.07%. Likewise, in Singapore shares (EWS, quote ) depreciated 0.07%.

Japan's Nikkei ( EWJ , quote ) inched up 0.08%. Sony announced that Kazuo Hirai will replace Howard Stringer as CEO and president effective April 1. The fabled electronics firm has been struggling compete with rivals like Apple ( AAPL , quote ) and Samsung and has forecasted net losses for the fourth straight fiscal year ending in March. Sony shares fell 1.94%, while Panasonic stocks closed flat.

Seoul's KOSPI ( EWY , quote ) rose 0.18%. Last month, South Korea's exports fell 6.6% from a year earlier, marking the first time since January 2010 the country has registered a monthly trade deficit.

In Australia, stocks ( EWA , quote ) slipped 0.80%, with shares of miner BHP Billiton falling 0.25% and Rio Tinto stock getting a bump of 0.97%.

The Chinese yuan slid 0.02% to 6.3065 to the dollar, while the Japanese yen dipped 0.12% to 76.14 against the greenback.