Stocks in the Asian region was seen trading higher on Monday, boosted by the US upbeat data and positive earnings reports, which helped offset heavy losses from the previous week amid global growth worries.
Amongst the reports released from the world’s biggest economy, was the US housing report which showed that US housing starts climbed 6.3% in September to 1.02 million at an annualized rate, from 957,000 in August., according a to the Commerce Department in Washington. The Thomson Reuters/University of Michigan preliminary sentiment index for October rose to a seven year high of 86.4.
Asian Stocks
Stocks in Japan jumped after a report that the Government Pension Investment Fund will boost domestic shares.
The Japanese benchmark Nikkei 225 index rallied 2.84% to 14,945.42 points at the time of writing, while Tokyo’s Topix index rose 2.98% to 1,212.12 points. The Japanese yen weakened against the US dollar on Monday, trading around 107.20 yen from 106.90 yen on Friday.
The weaker yen boosted exporters gain, with auto stocks leading gains. Mazda Motor and Toyota each went up by more than 4%, while Mitsubishi Motors and Nissan Motor gained 3.3% each.
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Other winners of the session included electronic makers Pioneer and Sharp, adding 3% and 3.8% respectively, while financial stocks such as Sumitomo Mitsui Trust Holdings rose 3% and MS&AD Insurance Group edged 4% higher.
Hong Kong’s Hang Seng index jumped 1.09% to 23,273.12 points, while China’s benchmark Shanghai Composite added 0.23% to trade at 2,346.50 points.
China Minsheng Banking corp. and China Citic Bank each gained nearly 0.8% after the People’s Bank of China said it plans to inject approximately 200 billion yuan into some national and regional lenders.
The South Korean Kospi index rose 1.56% higher to trade at 1,930.40 points.
Australia
In Sydney, the benchmark S&P/ASX 200 index rose 1.1% to 5,329.90 points, boosting mining stocks higher.
Miners that saw gains included, the nation’s mining giants Rio Tinto up with 0.8% and BHP Billiton gained 1.3%, while Atlas Iron and Mount Gibson Iron each added 2%.
In banking, ANZ rose 1.5% higher, while Commonwealth Bank of Australia climbed 0.8%, Westpac jumped 1.3% and National Australia Bank surged 1.1%.
European Stocks
Stocks in the Europe declined on Monday, following its longest weekly losing streak in over a year, adding to concerns over the global growth slowdown.
The European Euro stoxx 50 index rallied 39% this month, while German’s DAX 30 index went down 0.42% to open at 8,813.14 after reports from the Federal Statistical Office showed that Germany’s producer prices showed no growth in September.
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