Asian stocks track U.S. counterparts higher; Nikkei up 1.68%

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Investing.com - " Most Asian bourses traded higher during Monday's session, the first trading day after U.S. stocks closed at fresh record highs.

In Asian trading Monday, Japan's Nikkei 225 jumped 1.68% a day after Bank of Japan Deputy Governor Kikuo Iwata reiterated the central bank's commitment to large-scale easing until it reaches its desired inflation target of 2%. The country's monetary and fiscal policies are at a critical point for ending deflation, Iwata said in a speech given in Western Japan, Bloomberg reported.

Hong Kong's Hang Seng added 0.47%, but the Shanghai Composite was off 0.22% ahead of some marquee earnings reports from Chinese companies.

This has been a mediocre earnings season for some of Asia's biggest companies with a majority missing on both the top and bottom lines. Chinese companies are required to have completed delivering third-quarter results by the end of this month.

Banks and other financial services firms were among the leaders in China Monday.

Australia's S&P/ASX 200 jumped another 1.2% to cruise to another five-year high. Reserve Bank of Australia Governor Glenn Stevens is scheduled to speak on Tuesday. Markets in New Zealand are closed Monday for a public holiday.

In U.S. economic news out Friday, the Commerce Department said durable goods orders rose 3.7% last month, beating expectations for a 2.3% gain. The August reading was revise up to 0.2% growth from 0.1%. Excluding transportation, orders fell 0.1% against expectations of a 0.5% rise.

The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment fell to 73.2 in October from 77.5 in September. That is the lowest reading since December 2012. Economists expected an October reading of 75.

The Federal Reserve kicks-off a two-day meeting Tuesday.

South Korea's Kospi added 0.36% after the Bank of Korea said South Korean Consumer Confidence rose to 106 in September from 102 in August. Analysts expected a September reading of 103.

Singapore's Straits Times Index rose 0.14% while S&P 500 futures advanced 0.34%.


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