Asian Shares Rally On Improved Risk Sentiment

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(RTTNews) - Asian stocks posted strong gains on Monday as fears of prolonged inflation eased and data showed profits at China's industrial firms shrank at a slower pace in May.

Treasury yields remained subdued and the dollar eased back slightly from a 20-year high reached earlier this month despite U.S. Federal Reserve officials keeping up their hawkish rhetoric.

As risk appetite improves, investors awaited the U.S. quarterly GDP growth rate numbers due this week to assess the outlook for U.S. rate hikes and the potential for a recession.

Oil prices were volatile in Asian trade ahead of the G7 summit and the OPEC+ meeting. China's Shanghai Composite index rose 0.88 percent to 3,379.19 after data showed profits across China's industrial firms above designated size improved in May from the previous month.

Adding to the positive sentiment, a central bank advisor said China could consider trying to boost the economy by introducing special national bonds that don't count as financial deficits.

Hong Kong's Hang Seng index jumped 2.35 percent to 22,229.52, led by gains in Chinese technology shares.

Japanese shares climbed for a third straight session, led by heavyweight technology stocks. The Nikkei average rallied 1.43 percent to 26,871.27 while the broader Topix index closed 1.11 percent higher at 1,887.42.

Technology investor SoftBank Group jumped 3.7 percent while Tokyo Electron, Advantest and Shin-Etsu Chemical rose 2-5 percent. Shipping stocks also posted broad-based gains, with Kawasaki Kisen Kaisha surging 9.6 percent.

Seoul stocks closed higher for a second day running amid speculation that inflation may have peaked and the pace of the Federal Reserve's rate hikes could be slower than previously expected.

The Kospi average gained 1.49 percent to finish at 2,401.92, with machinery and automotive stocks leading the surge.

Australian markets soared as firm commodity prices helped lift mining and energy stocks. The benchmark S&P/ASX 200 inched up 1.94 percent to 6,706 - rising for a third straight day and marking its biggest single-day gain since Jan. 28. The broader All Ordinaries index ended 1.94 percent higher at 6,893.60.

Gold stocks underperformed, with Evolution Mining plunging nearly 22 percent after the company cut its full-year gold output guidance.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 1.70 percent to 10,997.92 - marking its best session since March 17.

U.S. stocks rose sharply on Friday to snap a three-week losing streak as housing data surprised on the upside and a widely followed consumer sentiment survey showed a slight easing of inflation expectations.

The Dow climbed 2.7 percent to cap its first weekly advance since May despite a pair of U.S. central bankers supporting further sharp interest rate hikes to stem rapid price rises. The tech-heavy Nasdaq Composite surged 3.3 percent and the S&P 500 added 3.1 percent.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

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KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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