(menafn – ecpulse)
Asian stocks advanced on Monday with the MSCI Asia Pacific Excluding Japan Index rising 0.7% at 12:25 in Hong Kong, on improved corporate earnings and confidence among South Korean manufacturers.
Amid lower-than-usual volumes with markets in Japan, China and Vietnam being closed for holidays, Asian equities edged higher as earnings that beat analysts’ estimates is eclipsing the worries over Europe’s debt crisis.
Meanwhile this week’s ECB’s rate decision, Spain’s first bond auction since the S&P downgraded it last week, the upcoming elections in France and Greece and Netherlands ongoing political problems will keep markets cautious.
Bets are rising that Australia’s central bank may cut rate on Tuesday to help revive economic growth, while the Feds may provide more stimulus measures to support the economy after the weaker-than-excepted growth data on Friday.
Another boost to confidence was also provided by the better-than expected South Korean manufacturers’ confidence which rose to the highest level in nine months during May, although industrial production unexpectedly dropped in March.
Pfizer, Motorola, Avon, Visa, MasterCard and Kraft are among the companies scheduled to report earnings this week, meanwhile Europe will be releasing today their CPI while the US may witness weaker personal spending in March.