SEOUL, South Korea -- Asian stocks were mostly higher Monday on expectations China and Japan will take new steps to spur economic growth.
South Korean stocks were an exception, losing ground as the country's military returned fire into North Korean waters after shells from a North Korean live-fire drill fell south of the rivals' disputed western sea boundary.
Japan's Nikkei 225 gained 0.6 percent to 14,784.45 as investors anticipated the government or the Bank of Japan would announce measures to offset the impact of a sales tax hike. Japan's sales tax will increase to 8 percent from 5 percent on Tuesday, a move needed to help stabilize government finances but also a possible setback to economic recovery.
Hong Kong's Hang Seng added 0.3 percent to 22,127.25 and China's Shanghai Composite edged up 0.1 percent to 2,043.41. Australia's S&P/ASX 200 rose 0.7 percent to 5,405.20.
Investors increasingly expect that China's government will take measures to prevent a slowdown in the world's No. 2 economy from accelerating.
An official manufacturing survey due Tuesday might cement those views after another survey released last week show China's manufacturing at an eight month low.
Seoul's Kospi dipped 0.2 percent 1,976.65 as the two Koreas exchanged artillery shells in waters south of the rivals' disputed western sea borders, following Pyongyang's announcement that it would conduct live-fire drills. Residents on front-line South Korean island evacuated during artillery exchange.
On Wall Street, the Dow Jones industrial average closed 0.4 percent higher on Friday. The broader S&P 500 gained 0.5 percent as an upbeat report on U.S. consumer spending underpinned investor sentiment.
In energy markets, benchmark crude for May delivery was down 24 cents at $101.43 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained 39 cents to close at $101.67 on Friday.
In currencies, the dollar inched up to 102.87 yen from 102.84 yen late Friday. The euro rose to $1.3755 from $1.3753.
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