Japanese shares charged up to a 8-year-high on Monday, shrugging off weaker-than-expected growth figures released before the market opened, while markets in Australia reacted negatively to a slew of corporate earnings.
Japan’s Nikkei 225 index broke above the 18,000 level, hitting its highest level since July 2007, following data that showed the world’s third-largest economy crawling out of recession in the final quarter of 2014. Gross domestic product grew an annualized 2.2 percent, but missed a Reuters poll expecting a 3.7 percent gain. Meanwhile, dollar-yen hovered near a one-and-a-half-week low of 118.7.
Australian shares were a touch lower early Monday on the back of dismal trading in the banking and resources heavyweights. Last Friday, the S&P ASX 200 index broke a four-session losing streak to settle at a seven-year high.