In Asian trading Monday, Japan's Nikkei 225 soared 2.25% after data from the Cabinet Office showed Japan's second-quarter GDP increased 3.8%, well above the prior estimate of growth of 2.6%. It was the third consecutive quarter of economic growth for the world's third-largest economy.
In a separate report, Ministry of Finance said that Japan's current account balance was JPY330 billion last month compared with JPY650 billion in the prior month. Analysts expected an August reading of JPY320 billion.
In other Japan news, the International Olympic Committee announced Saturday Tokyo beat out Istanbul and Madrid to host the 2020 Summer Games. It will be the fourth time Japan hosts the Olympics and the second time it has hosted the Summer Olympics.
Hong Kong's Hang Seng rose 0.73% while the Shanghai Composite surged 3.03% after China said August exports climbed 7.2% on the year in August, up from 5.1% in July and beating expectations for 5.5%. Imports rose 7%. China's August trade surplus widened to $28.6 billion, from $17.8 billion. China is the second-largest oil consumer in the world.
Elsewhere, the National Bureau of Statistics of China said that Chinese CPI rose 0.5% last month after a 0.1% increase in July. Economists expected an August increase of 0.4%. The Statistics Bureau added that PPI for August rose to -1.6% from -2.3% in July. Analysts expected an August PPI reading of -1.8%.
The bullish China data helped lift Australia's S&P ASX 200 0.7%. China is Australia's largest export market.
Aussie stocks were also helped after the Australian Bureau of Statistics said that Australian home loans rose 2.4% in August after 2.6% July jump. The July number was revised lower from an initial reading of growth of 2.7%. Analysts expected an August increase of 2%.
Conservative Tony Abbott topped labor leader Kevin Rudd in the race to decide Australia's next prime minister. Although the vote is not yet official, it appears mathematically impossible that Rudd will be able to win.
New Zealand's NZSE 50 rose 0.30% while South Korea's Kospi added 0.66%. Singapore's Straits Times Index advanced 1.25%. S&P 500 futures rose 0.28%. The benchmark U.S. index inched up 0.01% last Friday.
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