Market Report – Asian Shares Hit 18 Week High

In today’s market report… Asian shares soared to over four-month highs Monday.

Global financial regulators gave lenders as much as nine years to conform with new capital reserve requirements, sending regional banking stocks sharply higher.

Japan’s top banks, Mitsubishi UFJ and Sumitomo Mitsui, led Tokyo’s Nikkei to a near 1% gain.

In Hong Kong, financials led by HSBC, lifted the Hang Seng index to a 4-week high by midday.

Manufacturing stocks led gains in Shanghai, with the composite one percent higher after the lunch break.

Taiwan’s tourism shares rallied a day after a landmark trade deal with China took effect, boosted by news more mainland tourists may be allowed to visit the island.

The benchmark TAIEX rose 2.5%, its highest since late April.

South Korea’s KOSPI closed at a 27-month high, led by gains in steelmaker POSCO, auto stocks and shipbuilders.

In Australia, better output numbers from Chinese factories lifted mining shares; on optimism demand from China will stay strong.

Sydney stocks added over one percent, closing at a level not seen since June 21st.

Foto: NTDTV