Asian stocks ascend on firm China GDP

Asian stocks ascend on firm China GDP

On Monday, Asian stocks set a fresh two-year peak, underpinned by stronger-than-expected economic surge in China as well as bets that dismal American data will keep the Fed cautious as for the pace of further monetary policy tightening.

Chinese blue-chips managed to recoup abrupt early losses after data revealed that the world's second-largest economy ascended at a moderately faster than expected pace of 6.9% during the second quarter, due to robust industrial output, exports and retail sales.

Outside Japan, MSCI's broadest index of Asia-Pacific stocks extended earlier profits to gain 0.4% after the buoyant China reports. Japanese markets didn’t function due to a holiday.

Australian stocks, which started on Monday in negative territory, rose 0.1%, while South Korea's KOSPI ascended 0.4%.

Meanwhile, in China the CSI 300 leapt 0.2%, having dropped 2.2%. The Shanghai Composite narrowed earlier drops as much as 2.6%, tumbling 0.1%.

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