Asian stocks extend gains on U.S. growth data; Nikkei up 0.27%
Published Oct 28, 2012 10:50PM ET
Third-quarter earnings, however, have missed expectations in the U.S. especially, and fears for more disappointments capped gains.
During Asian trading on Monday, Hong Kong's Hang Seng Index was down 0.17%, Australia's S&P/ASX200 was up 0.55%, while Japan’s Nikkei 225 Index was up 0.27%.
The U.S. economy grew 2.0% in the third quarter, according to advance estimates release by the Bureau of Economic Analysis, up from 1.3% in the previous quarter.
The number beat analysts' forecasts for 1.9% economic growth in the third quarter, which sparked demand higher-yielding assets and enticed investors out of the safety of the greenback.
Optimism for more robust U.S. recovery sent stocks gaining in Asian trading early Monday, though concerns earnings will disappoint erased some of those gains.
Japan, meanwhile, is to release data on unemployment, household spending and industrial production this week, though investors were keeping a close eye on the Bank of Japan, which will announce its latest decision with interest rates and monetary policy on Tuesday.
Hopes the monetary authority will expand its easing program sent stocks gaining as well.
In Hong Kong, top decliners included New World Development, down 7.36%, Henderson Land, down 6.63%, and Esprit Holdings, down 6.68%.
In Australia, top gainers included Fairfax Media, up 6.49%, Gindalbie Metals, up 5.88%, and Energy Worldwide, up 5.71%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.19%, while Germany's DAX 30 futures also pointed to a loss of 0.19%. Meanwhile in the U.K., FTSE 100 futures were down 0.10%.
Dow Jones Industrial Average futures were down 0.11%, while the S&P 500 futures were also down 0.11%.
Later Monday, the U.S. will release government data on personal income, personal spending and core consumer inflation.
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Written By: Investing.com
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