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Upbeat Data Boosts Asian Stocks

Asian equities rose on Monday, taking heart from upbeat earnings and economic data that eased recent global growth fears and sharpened risk appetite. The dollar advanced to a three-week high against the yen.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.35 percent and Tokyo's Nikkei rose 0.5 percent.

Data from last Friday showed new U.S. home sales rose to a six-year high and Britain's economy expanded 0.7 percent in the third quarter, keeping on track to outpace other advanced economies.

U.S. stocks, recovering from a battering earlier in the month on worries about global growth losing momentum, gained Friday on upbeat earnings from blue chips Microsoft and Procter & Gamble. Reduced concerns over the possible spread of Ebola in the United States also helped the situation.

In currencies, the dollar traded at 108.18 yen after touching a three-week peak of 108.38, with a rise in U.S. Treasury yields and improving risk appetite buoying the greenback.

Euro Up

The euro edged up 0.1 percent to $1.2628, trading in a narrow range after showing a limited reaction to Sunday's health check results of euro zone banks, which painted a slightly brighter picture than expected.

In commodities, Brent crude dipped 14 cents to $85.99 a barrel, continuing a months-long rout as signs of rising global supply threatened deeper losses. Iraq increased its oil supply in October and Libya's output remains high, despite instability in both countries.

Gold edged lower as robust equity markets and strong U.S. economic data dented demand for the precious metal as spot gold dipped 0.25 percent at $1,227.70 an ounce.

Cina Coren
About Cina Coren
Cina Coren is a former Wall Street broker and financial advisor. She holds a Master's degree in Communications and spent many years writing for international news outlets and journalistic publications. Today, Cina spends most of her time writing internet articles and blogs, and reading various newspapers to stay on top of the news.
 

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