Asia-Pacific stocks surge as investors wait for China’s GDP data

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SINGAPORE – Asia-Pacific stocks rose in trading on Monday morning as investors wait for the release of China’s GDP data.Hong Kong’s Hang Seng Index jumped 1.47% at the start of trading, with HSBC shares listed in the city gaining more than 3%.

Alibaba shares in Hong Kong rose more than 1.5%. The financial technology subsidiary of Chinese tech giant Ant Group has received approval from the China Securities Regulatory Commission for the Hong Kong portion of its planned listing, a source told CNBC.

Meanwhile, shares of Sun Art Retail Group climbed more than 28% after Alibaba announced that it agreed to acquire controlling stakes in the company.

In Japan, the Nikkei 225 index rose 1.22% in morning trading while the Topix index rose 1.42%.

Japanese exports fell 4.9% from a year earlier in September, according to trade statistics released on Monday by the country’s finance ministry.

The South Korean Kospi also rose 0.74%.

Meanwhile, stocks in Australia edged up, with the S & P / ASX 200 rising around 1.1%.

The MSCI’s largest Asia-Pacific stock index outside of Japan was up 0.9%.

Chinese economic data ahead

On Monday, investors will focus on the impression of China’s GDP for the third quarter, as well as industrial production and retail sales data for September.“We expect the data dump will underscore that China’s economic recovery is well underway,” the Commonwealth Bank of Australia strategists wrote in a note.

“Unlike many other economies, China’s economic recovery has been strong. Infection rates have remained low and policymakers have been able to focus on restarting the economy rather than health outcomes, ”the strategists said.

Currencies and oil

The US dollar index, which tracks the greenback against a basket of its peers, was the latest at 93.676 after hitting levels around 93.9 in recent days.

The Japanese yen traded at 105.42 per dollar after seeing levels below 105.3 against the greenback last week. The Australian dollar changed hands to $ 0.7101 after falling last week from levels above $ 0.715.

Oil prices were little changed on the morning of Asian trading hours, with international benchmark Brent futures edging up to $ 42.95 a barrel. US crude futures were above the flat line.

What’s on tap:

  • China: Third Quarter Data on GDP, Industrial Production, Retail Sales and Capital Investment for September at 10 a.m. HK / SIN

– CNBC’s Arjun Kharpal contributed to this report.

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