Asian stocks were seen kicking off the week trading higher on Monday, with Japanese equities leading gains and Chinese developers climbing.
Japan
The Japanese Nikkei 225 index rose 2.38%, closing at 15,130.52 points, while Tokyo’s Topix index gained 2.03% to 1,253.22 points. In Japan, Mitsui Mining and Smelting climbed 7.75% after raising its annual profit outlook 14% to 17.1 billion yen. While the silicon wafer- manufactures Sumco declined 10.445 after posting its earnings results.
The nation’s service sector activity fell in June from the previous month, with the Tertiary Industry Activity index falling 0.1% on a monthly basis, compared to analysts forecast of a 0.2% rise, the Ministry of Economy Trade and Industry said.
China
Hong Kong’s Hang Seng index jumped 1.25%, trading at 24,636.20 points at the time of writing, while the Chinese mainland Shanghai Composite added 1.24% to 2,221.56 points.
Property developer Sunac China Holdings and China Resources Land gained 7.2% and 6.41% respectively, while the casino operator Galaxy Entertainment slid 1.01% lower in shares.
Meanwhile, a report released by the government over the weekend showed that China’s consumer prices index rose 2.3% on a yearly basis, while producer prices slid 0.9%, meeting in line with analysts’ estimates.
The South Korean Kospi index advanced 0.41%, closing at 2,039.37 points, while the Australian benchmark S&P/ASX 200 index edged 0.52% higher, trading at 5,463.70 points.
Geopolitical Tensions
As the US continued airstrikes against the Sunni militants in Iraq, the Iraqi Prime Minister Nouri al-Maliki deployed troops across the streets of the capital, Baghdad. Traders are raising concerns over the crises and hoping the US troops will support the Iraqi government to reclaim the Islamic State (formerly known as ISIS) fighters.
In Ukraine, the country’s troop has demanded pro-Russia rebels to surrender after Ukraine dismissed the ceasefire offer from Ukraine.
Traders continue to focus on the situation in Gaza, as Israel and Gaza began a new 72-hour ceasefire on Monday after Gaza militants broke the previous ceasefire by firing rockets into Israel, according to reports.
“Geopolitical risk in the Middle East and Ukraine will continue to dominate the headlines,” Neil MacKinnon of VTB Capital wrote in a note on Monday. “The major central banks are unlikely to do anything in the interim and the backdrop only encourages the doves,” he added.
European Stocks
Stocks in the European region were boosted by the geopolitical tensions.
The European Euro Stoxx 50 climbed 1.11% higher to 3,040.07 at the time of writing, while the French CAC 40 index added 0.89% to 4,184.87 at the time of writing. While the German DAX edged 1.34% higher to 9,129.70 and UK’s benchmark FTSE 100 rose 0.65% to 6,610.51.
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Asian Stocks
Asian stocks were seen kicking off the week trading higher on Monday, with Japanese equities leading gains and Chinese developers climbing.
Japan
The Japanese Nikkei 225 index rose 2.38%, closing at 15,130.52 points, while Tokyo’s Topix index gained 2.03% to 1,253.22 points. In Japan, Mitsui Mining and Smelting climbed 7.75% after raising its annual profit outlook 14% to 17.1 billion yen. While the silicon wafer- manufactures Sumco declined 10.445 after posting its earnings results.
The nation’s service sector activity fell in June from the previous month, with the Tertiary Industry Activity index falling 0.1% on a monthly basis, compared to analysts forecast of a 0.2% rise, the Ministry of Economy Trade and Industry said.
China
Hong Kong’s Hang Seng index jumped 1.25%, trading at 24,636.20 points at the time of writing, while the Chinese mainland Shanghai Composite added 1.24% to 2,221.56 points.
Property developer Sunac China Holdings and China Resources Land gained 7.2% and 6.41% respectively, while the casino operator Galaxy Entertainment slid 1.01% lower in shares.
Meanwhile, a report released by the government over the weekend showed that China’s consumer prices index rose 2.3% on a yearly basis, while producer prices slid 0.9%, meeting in line with analysts’ estimates.
The South Korean Kospi index advanced 0.41%, closing at 2,039.37 points, while the Australian benchmark S&P/ASX 200 index edged 0.52% higher, trading at 5,463.70 points.
Geopolitical Tensions
As the US continued airstrikes against the Sunni militants in Iraq, the Iraqi Prime Minister Nouri al-Maliki deployed troops across the streets of the capital, Baghdad. Traders are raising concerns over the crises and hoping the US troops will support the Iraqi government to reclaim the Islamic State (formerly known as ISIS) fighters.
In Ukraine, the country’s troop has demanded pro-Russia rebels to surrender after Ukraine dismissed the ceasefire offer from Ukraine.
Traders continue to focus on the situation in Gaza, as Israel and Gaza began a new 72-hour ceasefire on Monday after Gaza militants broke the previous ceasefire by firing rockets into Israel, according to reports.
“Geopolitical risk in the Middle East and Ukraine will continue to dominate the headlines,” Neil MacKinnon of VTB Capital wrote in a note on Monday. “The major central banks are unlikely to do anything in the interim and the backdrop only encourages the doves,” he added.
European Stocks
Stocks in the European region were boosted by the geopolitical tensions.
The European Euro Stoxx 50 climbed 1.11% higher to 3,040.07 at the time of writing, while the French CAC 40 index added 0.89% to 4,184.87 at the time of writing. While the German DAX edged 1.34% higher to 9,129.70 and UK’s benchmark FTSE 100 rose 0.65% to 6,610.51.
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