Investing.com - Asian shares gained on Monday as investors largely applauded a rate cut by China and looked ahead to a major central bank week ahead.
The Shanghai Composite was up 0.26% in morning trade, while S&P/ASX 200 rose 0.25% and the Nikkei 225 added 1.17%.
China’s central bank unexpectedly cut interest rates on Friday. It was the sixth rate cut since last November, amid efforts by authorities to shore up slowing growth in the world’s second largest economy.
On Monday, in the euro zone, the Ifo Institute is to report on German business climate.
The U.S. is to release data on new home sales.
In the week ahead, investors will be focusing on Wednesday’s monetary policy announcement by the Federal Reserve for fresh indications on the timing of an initial rate hike.
Friday’s monetary policy announcement by the Bank of Japan will also be closely watched.
Market participants will also be awaiting preliminary estimates of third quarter growth from both the U.S. and the U.K.
Last week, U.S. stocks were higher after the close on Friday, as gains in the Technology, Healthcare and Financials sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average rose 0.90% to hit a new 1-month high, while the S&P 500 index added 1.10%, and the NASDAQ Composite index climbed 2.27%.