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Asia stocks move higher ahead of Yellen; Nikkei closed for holiday

Published 02/11/2014, 02:45 AM
Updated 02/11/2014, 02:45 AM
Asia stocks advance ahead of Yellen testimony

Asia stocks advance ahead of Yellen testimony

Investing.com - Asian stock markets were broadly higher on Tuesday, as investors looked ahead to Congressional testimony from new Federal Reserve Chair Janet Yellen later in the day for clues regarding the future of course of U.S. monetary policy.

During late Asian trade, Hong Kong's Hang Seng Index surged 1.8%, China’s Shanghai Composite index advanced 0.5%, while Australia’s ASX/200 Index closed 0.62% higher.

Japanese markets are closed for the public holiday of National Foundation Day.

Asia was given a positive lead from the U.S., where the Dow Jones Industrial Average and the S&P 500 eked out small gains.

In Australia, the ASX/200 Index ended at a more than two-week high as gains in the financial sector boosted the benchmark index.

Shares in Australia & New Zealand Banking Group picked up 2.2% after the lender said that its first quarter profit rose nearly 21%.

The news boosted other shares in the sector, with Commonwealth Banking Group tacking on 1.4%, while National Australia Bank and Westpac Banking Group rose 1.4% apiece.

Elsewhere, in Hong Kong, the Hang Seng rallied to a one-week high as insurers and financials led gains.

Ping An Insurance Group and China Life Insurance jumped 5.1% and 4.6% respectively, while China Minsheng Bank and China Merchants Bank climbed 4% and 3.5%.

Investors looked ahead to key economic data out of China later in the week to gauge the strength of the world’s second largest economy. On Thursday, China will release its monthly trade data, which will be followed by inflation numbers Friday.

Looking ahead, European stock market futures pointed to a mildly higher open. The EURO STOXX 50 futures pointed to a gain of 0.45%, France’s CAC 40 futures added 0.45%, London’s FTSE 100 futures indicated a rise of 0.4%, while Germany's DAX futures picked up 0.5%.

Across the Atlantic, U.S. equity markets pointed to a firmer open. The Dow Jones Industrial Average futures pointed to a gain of 0.25%, S&P 500 futures inched up 0.25%, while the Nasdaq 100 futures indicated an increase of 0.25%.

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