By Investors Hub
Asian stocks ended broadly higher on Monday as investors picked up beaten-down shares after two weeks of losses driven by concerns over trade and the global economic growth outlook.
The U.S Federal Reserve’s monetary policy meeting is scheduled for Wednesday, with many expecting an increase in the benchmark interest rate by 25 basis points to between 2.25 percent and 2.5 percent. The Bank of Japan and the Bank of England will also hold monetary policy meetings on Thursday.
Brexit developments also remained in focus after U.K. Prime Minister Theresa May attacked one of her predecessors, accusing Tony Blair of “undermining” the Brexit talks by calling for another referendum.
May reportedly called his comments an “insult to the office he once held” and said Members of Parliament could not “abdicate responsibility” to deliver Brexit by holding a new poll.
Chinese shares ended slightly higher as investors awaited cues from the closely watched annual Central Economic Work Conference later this week.
The benchmark Shanghai Composite Index edged up 4.23 points or 0.2 percent to 2,597.97, although Hong Kong’s Hang Seng Index finished just below the unchanged line at 26,087.98.
Japanese shares ended notably higher despite lingering concerns over global growth. The Nikkei 225 Index rose 132.05 points or 0.6 percent to 21,506.88 after tumbling 2 percent last Friday as China reported a set of weak data. The broader Topix Index closed 0.1 percent higher at 1,594.20.
Electronic makers and technology stocks led the surge, with Advantest Corp, TDK Corp and Tokyo Electron all rising around 2 percent. Utility Tokyo Electric Power jumped 3 percent and Chubu Electric Power added 1.9 percent.
On the other hand, discount children’s wear retailer Nishimatsuya Chain slumped 8.6 percent after slashing its annual profit forecast.
Australian markets posted strong gains as a mid-year update showed that the budget would soon return to surplus for the first time in a decade, leaving room for tax cuts ahead of elections.
The benchmark S&P/ASX 200 Index climbed 56.30 points or 1 percent to finish at 5,658.30, while the broader All Ordinaries Index ended up 54.10 points or 1 percent at 5,732.90.
Mining giant BHP rallied 3.5 percent as it announced a special dividend after selling its U.S. shale assets. Rival Rio Tinto advanced 2.2 percent after it completed the $500 million sale of its French aluminum smelter, freeing up cash the company said it would return to shareholders.
Mineral Resources soared 10.6 percent after it announced an A$1.6 billion partnership with global lithium producer Albemarle Corporation.
Energy stocks closed mostly higher despite crude oil prices ending sharply lower on Friday. Austal jumped 3.8 percent after it won a contract to make another two combat vessels for the U.S. Navy.
Meanwhile, banks ANZ, NAB and Westpac dropped between 0.6 percent and 1.6 percent on concerns over the global growth outlook.
Adedapo Adesanya