Investing.com – Asian stocks rallied on Monday, boosted by renewed optimism after the release of upbeat Chinese economic data while financial stocks were lifted by the outcome of the meeting of the Basel Committee on Banking Supervision.
Hong Kong's Hang Seng Index was up 1.85%; South Korea's Kospi Composite climbed 0.90%; while Japan’s Nikkei 225 Index gained 0.89%.
Official data released on Saturday showed that Chinese industrial production rose more than expected in August, while consumer prices rose in line with expectations.
The commodity sector preformed strongly amid speculation of increased demand from China, with shares in miners Rio Tinto up 1.41% while shares in BHP Billiton gained 0.14%.
On Sunday, the Basel Committee on Banking Supervision agreed on new banking regulations which were less strict than expected. While the committee increased the amount of capital banks must set aside against potential losses, it gave them up to eight years to comply with the new rules.
Shares in Mitsubishi UFJ Financial Group, Japan’s largest lender advanced 1.99% while shares in the Commonwealth Bank of Australia climbed 1.59%.
Japanese shares moved higher but trade volumes remained light amid uncertainty ahead of Tuesday's ruling Democratic Party of Japan leadership vote.
The outlook for European equity markets, meanwhile, was upbeat: EURO STOXX 50 futures indicated a rise of 0.60%, France’s CAC 40 futures pointed to a gain of 0.68% and Germany's DAX futures indicated an increase of 0.31%.
Later in the day, European Central Bank President Jean-Claude Trichet was to speak at a press conference following the Committee on Banking Supervision meetings in Basel.
Hong Kong's Hang Seng Index was up 1.85%; South Korea's Kospi Composite climbed 0.90%; while Japan’s Nikkei 225 Index gained 0.89%.
Official data released on Saturday showed that Chinese industrial production rose more than expected in August, while consumer prices rose in line with expectations.
The commodity sector preformed strongly amid speculation of increased demand from China, with shares in miners Rio Tinto up 1.41% while shares in BHP Billiton gained 0.14%.
On Sunday, the Basel Committee on Banking Supervision agreed on new banking regulations which were less strict than expected. While the committee increased the amount of capital banks must set aside against potential losses, it gave them up to eight years to comply with the new rules.
Shares in Mitsubishi UFJ Financial Group, Japan’s largest lender advanced 1.99% while shares in the Commonwealth Bank of Australia climbed 1.59%.
Japanese shares moved higher but trade volumes remained light amid uncertainty ahead of Tuesday's ruling Democratic Party of Japan leadership vote.
The outlook for European equity markets, meanwhile, was upbeat: EURO STOXX 50 futures indicated a rise of 0.60%, France’s CAC 40 futures pointed to a gain of 0.68% and Germany's DAX futures indicated an increase of 0.31%.
Later in the day, European Central Bank President Jean-Claude Trichet was to speak at a press conference following the Committee on Banking Supervision meetings in Basel.