Asia stocks mostly higher in thin holiday trade; Hang Seng up 0.4%

Investing.com - Asian stock markets were broadly higher on Monday, as appetite for riskier assets was boosted amid mounting optimism over the health of the global economy.

During late Asian trade, Hong Kong's Hang Seng Index inched up 0.4%, Australia’s ASX/200 Index ended 0.51% higher, while Japan’s Nikkei 225 Index remained closed for a public holiday.

Asia was given a positive lead from the U.S., where the Dow and S&P 500 closed at all-time highs, while the Nasdaq ended at its highest level in over thirteen years.

The Commerce Department said Friday that the U.S. economy expanded by 4.1% in the third quarter, well above initial estimates for 3.6% growth, adding to signs that the economic recovery is deepening.

In Hong Kong, the Hang Seng edged higher, as gains in index heavyweight China Mobile boosted the benchmark index. News that China’s largest mobile-phone carrier will begin offering the iPhone across China next month sent shares higher by 1%.

Financial sector stocks were lower amid ongoing concerns over tightening liquidity conditions and rising borrowing costs. China Minsheng Bank lost 2.3%, China Merchants Bank fell 1.4%, while China Citic Bank slumped 1.2%.

The Hong Kong Stock Exchange was due to close early Tuesday and remain closed on Wednesday and Thursday for the Christmas and Boxing Day holidays.

Elsewhere, in Australia, the ASX/200 Index climbed to the highest level since December 2 thanks to gains in the financial sector.

Commonwealth Bank of Australia jumped 1.1%, Westpac Banking Group advanced 1.2%, while National Australia Bank rose 1%.

Looking ahead, European stock market futures pointed to a higher open.

The EURO STOXX 50 futures pointed to a gain of 0.3% at the open, France’s CAC 40 futures added 0.3%, London’s FTSE 100 futures indicated a gain of 0.2%, while Germany's DAX futures pointed to an increase of 0.4%.

Across the Atlantic, U.S. equity markets also pointed to a stronger open. The Dow Jones Industrial Average futures pointed to a gain of 0.4%, S&P 500 futures signaled a 0.45% increase, while the Nasdaq 100 futures indicated a rise of 0.6%.

The U.S. is to produce government data on personal spending and expenditure, while the University of Michigan is to release revised data on consumer sentiment and inflation expectations.