ROME: Asian stocks are enjoying the first day of the new quarter, screeching higher on the back of stronger than expected economic data released in China.
Australia’s ASX 200, following a sharp increase on Wednesday, is continuing that solid form today, adding 1.7% to trade at 5107.10.
All sectors are currently trading in the black with energy and materials — on the back of a small rebound in Chinese manufacturing PMI in September — both adding more than 2%. Financials, the heaviest weighting on the index, is also higher by 1.6%.
Like the ASX, the Nikkei in Japan is also experiencing a strong session, jumping 1.74% to 17,690.70. Weakness in the yen, a reasonable Tankan business sentiment report for the September quarter and continued chatter over more further monetary policy easing from the Bank of Japan are working in unison to boost investor sentiment.
Of the other markets that are open the KOSPI in South Korea is higher by 1.12% while the Straits Times index in Singapore has added 0.78%.
Chinese and Hong Kong markets are closed for public holidays.
Following the lead provided by Asia, US S&P 500 futures are up close to 1%.
Like stocks, higher yielding currencies are also enjoying a strong session with the Australian and New Zealand dollars up 0.4 and 0.3% respectively against their US namesake. Reflective of improved investor sentiment, both are recording stronger gains against the Japanese yen and euro.
