Asian Stocks Jump as Investors Shrug off Global Trade War Concerns

By Investors Hub

Asian markets ended mostly higher on Monday, with investors shrugging off concerns about a global trade war and looking ahead to the outcome of a historic meeting between President Donald Trump and the North Korean leader Kim Jong Un.

However, gains were modest in most of the markets in the region amid largely thin volumes ahead of crucial monetary policy meetings by the Bank of Japan, the European Central Bank, and the U.S. Federal Reserve.

Japanese stocks ended moderately higher, although trading activity was relatively light. Japan?s Nikkei 225 Index climbed 109.54 points or 0.5 percent to 22,804.04.

In economic news, core machine orders in Japan soared a seasonally adjusted 10.1 percent to 943.1 billion yen in April, according to the data released by the Cabinet Office. That beat expectations for a gain of 2.4 percent following the 3.9 percent decline in March. On a yearly basis, core machine orders jumped 9.6 percent, beating forecasts for 3.8 percent increase.

The Bank of Japan said the M2 money supply in Japan was up 3.2 percent on year in May, coming in at 1,003.2 trillion yen. That was unchanged from the April reading following a downward revision from 3.3 percent.

Hong Kong?s Hang Sang Index rose 105.49 points or 0.3 percent to 31,063.70. Tancent Holdings, China Resources Power Holdings, Sands China, Galaxy Entertainment and Cnooc were among the notable gainers in the Hong Kong market.

Meanwhile, Australia?s benchmark S&P/ASX 200 Index ended down 12.10 points or 0.2 percent at 6,045.20. The broader All Ordinaries Index dipped 12.60 points or 0.2 percent to 6,156.80.

Metals and industrials stocks were among the prominent losers in the Australian market.

Retail Food Group plunged 9 percent. Aurizon Holdings and Asaleo Care both ended lower by about 4 percent. Newcrest Mining, Santos, Mineral Resources, Pilbara Minerals and Lynas were among the other notable losers.

Nanosonics, Donino’s Pizza, Seven West Media, Mayne Pharma, Sigma Pharma, Tabcorp Holdings, Graincorp, Coca-Cola Amatil and Whitehaven Coal ended stronger by 1 to 6 percent.

The Chinese market also extended its losses to a third successive session amid growing concerns about a lack of liquidity.

The Shanghai Composite Index drifted down by 14.79 points or 0.5 percent to 3,052.36, with technology, travel and media stocks posting losses.