Asian stocks register solid gains

Asian stocks were trading strongly today, with most stocks gaining the most during a single trading session compared to trading over the past three weeks.

Regional markets were boosted by Chinese Premier Wen Jiabao’s comments to continue supporting the fragile export sector which is experiencing a moderation in the rate of growth. The MSCI Asia Pacific index was 1.9% higher in early afternoon Tokyo trading while S&P500 index futures suggested a flat start.

In regional economic news, Sri Lanka’s GDP firmed 8.4% in the quarter ending September according to the government’s statistics department. This print is higher than market consensus estimates and also up on the prior month’s figure of 8.2%.

The country’s economy is not necessarily on the forefront of traders’ minds but does show that there is room for growth across a whole range of markets across the Asian region, particularly places like Sri Lanka as it emerges from political problems.

In currencies, the Australian dollar continued building on its recent gains, last trading at around 1.0135 against the US dollar. The Euro also strengthened to 1.311 with hopes of a resolution emerging soon. The Japanese Yen was flat during the session with the USD/JPY at around 77.80.

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