Asian shares rise on positive Chinese data

Asian shares rose on Monday as Chinese data exceeded expectations, while investors braced for a series of central bank meetings this week that could signal changes in monetary policy, as reported by Reuters on Monday

China reported a seven per cent increase in industrial output and a 5.5 per cent rise in retail sales, but concerns lingered over a nine per cent drop in property investment, the report added.

Central banks in the US, Japan, UK, Switzerland, Norway, Australia, Indonesia, Taiwan, Turkey, Brazil, and Mexico are set to meet this week, with the Bank of Japan (BOJ) expected to end negative interest rates and adjust its yield curve control policy.

The market anticipates a cautious approach to policy normalisation in Japan, with gradual rate hikes projected.

The yen weakened last week, with the dollar rising to 149.10 yen and the euro at $1.0887. Japan’s Nikkei index rebounded over two per cent, while the MSCI Asia-Pacific index gained 0.3 per cent. European and US futures also edged higher ahead of the Federal Reserve meeting.