Asian stocks advance on Chinese data
(RTTNews) – Asian stocks ended largely higher on Monday, as a host of strong economic data from China helped offset investor worries about inflation.
Investors were awaiting speeches from a number of Federal Reserve officials this week for further clues on interest rates and monetary policy going forward.
Chinese stocks ended slightly lower as investors waited for the virtual summit for leaders from the United States and China scheduled for this week. US President Joe Biden and his Chinese counterpart Xi Jinping will exchange views on bilateral and international issues during the virtual meeting.
The benchmark Shanghai Composite index lost 5.80 points, or 0.16%, to 3,533.30 while the Hang Seng index in Hong Kong ended up 62.94 points, or 0.25%, at 25,390.91.
Industrial production in China rose 3.5% year-on-year in October, the National Bureau of Statistics said, beating estimates of 3.0% and 3.1% in September.
The bureau also said retail sales jumped 4.9% per year, again beating expectations of 3.5% and 4.4% the month before.
Capital investment rose 6.1% per year and the unemployment rate remained unchanged at 4.9% last month, while the house price index was up 3.4% from 3 , 8% the previous month.
Japanese stocks rose as data showed the country’s economy contracted much faster than expected in the third quarter, raising expectations for Prime Minister Fumio Kishida’s stimulus package.
The Nikkei average gained 166.83 points, or 0.56%, to 29,776.80, while the larger Topix index closed up 0.39% to 2,048.52.
Technology investor SoftBank Group climbed 2.2%, and M3 medical services platform rose 3.3%. Restaurant chain Skylark Holdings climbed 6.5% after raising its annual net profit forecast.
Australian markets rose as Chinese economic data surprised on the high side. The benchmark S & P / ASX 200 index rose 27.10 points, or 0.36%, to 7,470.10, while the broader All Ordinaries index finished up 32.40 points, or 0 , 42%, at 7,798.20.
Healthcare and tech stocks topped the winning list as banks pulled back on fears of high inflation and rising interest rates. Drug developer Mesoblast jumped 11.8% after reporting a positive phase three trial result for its stroke drug.
Seoul shares rebounded amid foreign and institutional buying. Kospi’s average jumped 30.72 points, or 1.03%, to close just below the 3,000 point mark as investors scrutinized better-than-expected data from China.
Market heavyweight Samsung Electronics rose 1.1%, No. 2 chipmaker SK Hynix climbed 4.2%, and pharmaceutical giant Samsung Biologics added 3.7%.
New Zealand stocks posted modest gains, with the benchmark NZX-50 ending up 56.31 points, or 0.44%, to 12,964.46.
A2 Milk is up 4.5 percent on bargain hunting, after falling 7 percent last week. Likewise, Pushpay Holdings rose 3.4% after losing more than 20% last week.
Investors ignored the results of a survey showing New Zealand’s service sector contracted at a faster pace in October.
US stocks rose on Friday despite concerns over accelerating inflation and negative data showing an unexpected deterioration in US consumer confidence in November.
The Dow Jones rose half a percent to finish higher for the first time in four sessions, while the S&P 500 rose 0.7 percent and the Nasdaq Composite climbed 1 percent.
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