Investing.com – Asian stocks were mixed on Monday, as the Nikkei was boosted by better-than-expected Japanese GDP data, while the commodity sector continued to be hit by speculation over a Chinese interest rate hike.
During late Asian trade, Hong Kong's Hang Seng Index was down 0.80%, South Korea's Kospi Composite gained 0.04%, while Japan’s Nikkei 225 Index jumped 1.06%.
Earlier in the day, official data showed that Japan’s economy grew more-than-expected in the third quarter, expanding by a seasonally adjusted 0.9%, after rising by 0.4% in the preceding quarter. Analysts had expected Japan’s economy to grow by 0.6% in the third quarter.
In a statement following the release of the report, Japan’s Economy Minister Banri Kaieda said that growth in the third quarter was supported by “a temporary increase in consumer spending”.
Following the release of the data, shares in Asia’s largest retailer Fast Retailing soared 2.38%, while shares in Japan’s biggest eyeglass maker Hoya Corporation added 1.30%.
Meanwhile, shares in many of the big name Japanese exporters gained as the yen weakened further against the U.S. dollar.
Electronics giant Sony saw shares jump 2.65%, shares in the world’s largest automaker Toyota leaped 1.45%, while digital camera maker Olympus, which gets approximately 60% of its sales abroad, surged 3.74%.
Elsewhere, in Hong Kong, shares in the commodity sector led declines as crude oil and metal prices retreated amid ongoing speculation that China will hike its benchmark interest rate in an effort to curb inflation.
Shares in oil and gas giant PetroChina tumbled 2.44%, while shares in Aluminum Corporation, China’s largest producer of the metal, plunged 2.82%.
The outlook for European equity markets, meanwhile, was mixed. The EURO STOXX 50 futures pointed to a decline of 0.28%, France’s CAC 40 futures indicated an increase of 0.04%, the FTSE 100 futures pointed to a gain of 0.03%, while Germany's DAX futures were down 0.03%.
Later in the day, the U.S. was to release official data on retail sales and manufacturing.
During late Asian trade, Hong Kong's Hang Seng Index was down 0.80%, South Korea's Kospi Composite gained 0.04%, while Japan’s Nikkei 225 Index jumped 1.06%.
Earlier in the day, official data showed that Japan’s economy grew more-than-expected in the third quarter, expanding by a seasonally adjusted 0.9%, after rising by 0.4% in the preceding quarter. Analysts had expected Japan’s economy to grow by 0.6% in the third quarter.
In a statement following the release of the report, Japan’s Economy Minister Banri Kaieda said that growth in the third quarter was supported by “a temporary increase in consumer spending”.
Following the release of the data, shares in Asia’s largest retailer Fast Retailing soared 2.38%, while shares in Japan’s biggest eyeglass maker Hoya Corporation added 1.30%.
Meanwhile, shares in many of the big name Japanese exporters gained as the yen weakened further against the U.S. dollar.
Electronics giant Sony saw shares jump 2.65%, shares in the world’s largest automaker Toyota leaped 1.45%, while digital camera maker Olympus, which gets approximately 60% of its sales abroad, surged 3.74%.
Elsewhere, in Hong Kong, shares in the commodity sector led declines as crude oil and metal prices retreated amid ongoing speculation that China will hike its benchmark interest rate in an effort to curb inflation.
Shares in oil and gas giant PetroChina tumbled 2.44%, while shares in Aluminum Corporation, China’s largest producer of the metal, plunged 2.82%.
The outlook for European equity markets, meanwhile, was mixed. The EURO STOXX 50 futures pointed to a decline of 0.28%, France’s CAC 40 futures indicated an increase of 0.04%, the FTSE 100 futures pointed to a gain of 0.03%, while Germany's DAX futures were down 0.03%.
Later in the day, the U.S. was to release official data on retail sales and manufacturing.