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Hong Kong - Asian stock markets rose on Monday, taking their lead from strong gains on Wall Street despite weaker-than-expected Japanese growth figures.
Global markets rallied last week following a turbulent period, as investors were reassured that the US economy could handle the Federal Reserve's decision to reduce its stimulus programme.
Tokyo stocks rose 0.40% on Monday morning after falling at the market open, Hong Kong jumped 0.79%, Sydney climbed 0.36%, and Seoul was up 0.33%. Shanghai was up 0.36% by mid-morning.
Gold touched fresh three-month highs Monday following a rally last week, while oil prices held above $100 a barrel in Asian trade following a surge in bank lending in China, the world's top energy consumer.
Data released on Monday showed Japan's economy expanded 1.6% last year, in the first annual figures since Prime Minister Shinzo Abe launched a policy blitz dubbed Abenomics.
However, investors were disappointed by GDP growth of just 0.3% in the October-December quarter, and fretted that a looming sales tax hike in April could derail the budding recovery in the world's third largest economy.
"What's worrisome is consumption. Even though some front-loaded demand ahead of the sales tax increases has started helping it, that hasn't increased much," Masamichi Adachi, a senior economist JPMorgan Securities, told Dow Jones Newswires.
US stocks soared on Friday with the Dow Jones Industrial Average finishing up 360.31 (2.28%), its biggest weekly increase of 2014, at 16,154.39.
The broad-based S&P 500 rose 41.61 (2.32%) to 1,838.63, while the tech-rich Nasdaq vaulted 118.17 (2.86%) to 4,244.03. It was the second straight week of gains across the board.
The rally on Wall Street defied disappointing economic data showing US retail sales unexpectedly fell 0.4% in January, while industrial production also saw a surprise dip after a cold snap hampered factory activity in several regions.
In currency trades the dollar fetched ¥101.57 on Monday morning, down from ¥101.81 in New York Friday. The yen won support from expectations that the Bank of Japan will hold fire on new easing measures at a two-day policy meeting starting Monday.
The euro was mixed at ¥139.39 and $1.3720, from ¥139.42 and $1.3715 in US trade, after data Friday showed that a modest recovery in the eurozone economy remains on track.
Oil prices were mixed in Asian trade, after crude futures reached multi-month highs last week on improved demand prospects from China and the US.
New York's main contract, West Texas Intermediate for March delivery, rose 21 cents to $100.51 in late morning trade. Europe's benchmark contract Brent North Sea crude for April eased 3c to $109.05.
Gold was trading at $1 326.70 an ounce at 03:10 GMT compared with $1 309.30 late on Friday, when it rose above the $1 300 mark for the first time since November.
