Asian stocks surge after positive inflation figures in China

asian markets mixed

Majority of the stocks in Asia were in the green zone on Monday in reaction to the released inflation figures in China. Nikkei marked its nine straight days of gains.

The market is currently enduring the inflation data of the second biggest economy in the world. The consumer price index of China advanced as high as 1.6 percent for the month of September from a year ago, which was widely expected by analysts. Meanwhile, the producer price index in the same era rose more than 6.9 percent, higher compared to what Reuters expected with 6.3 percent.

On Asian indices, Japanese benchmark Nikkei 225 index jumped more than 0.65 percent as investors are looking to extending its gains after the index notched a 21-year high in the previous session. Nikkei has been in the positive territory for nine straight days. Markets in Japan are currently keeping a closer look on politics as it is ready for lower house election this week.

The Kospi index in South Korea added more than 0.11 percent as it was given a lift from the cosmetic retailer and steelmaker stocks. The Australian benchmark ASX 200 index surged by 0.55 percent driven by a 1.51 percent rise from its materials sub-indexes. Mining stocks were the leading advancers in the index with Fortescue Metals, BHP, and Rio Tinto rising by 1.33 percent, 2.2 percent, and 3.25 percent respectively.

The Hang Seng index in Hong Kong jumped by 0.85 percent. Markets on the mainland, however, did not perform well with the Shenzhen Composite fell by 0.885 percent and the Shanghai Composite declining by 0.11 percent.


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