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Asia stocks mostly gain after Abe election win

Asia stocks mostly gain after Abe election win

Asian stocks were mostly higher on Monday as an election win for Shinzo Abe’s ruling bloc in Japan gave a green light for more super-easy policy stimulus and the dollar spiked to more than three-month highs against the yen.

The Nikkei 225 surged 1.06%, with exporters notching gains on the softer Japanese currency. Nissan rose 1.34%, Mitsubishi Motor was up 2.12% and Sony rose 1.13%. The broader Topix was up 0.79%.

Following the election news, the dollar also spiked to trade at 113.86 yen at 9:50 a.m. HK/SIN. The greenback went as high as 114.09 earlier - its highest levels in more than three months.

Across the Korean Strait, the Kospi erased early gains to slip 0.11%. Gains in blue-chip tech names were offset by declines seen in manufacturing and retail plays.

Down Under, the S&P/ASX 200 added 0.11%. The telecommunications services rose 1.59%, leading gains on the broader index.

Meanwhile, Hong Kong's Hang Seng Index declined 0.53% in early trade. Mainland markets traded a touch above the flat line. The Shanghai Composite was higher by 0.03% and the Shenzhen Composite was up 0.16%.

In corporate news, Singapore-listed Noble Group said it would be disposing of its capital stock of Noble Americas Corporation, the company's global oil liquids business, for roughly $582 million. Noble shares were down 2.63% in early trade.

Investors are likely to keep an eye on the race for the position of US Federal Reserve chair. President Donald Trump indicated during weekend that Stanford University economist John Taylor and Federal Reserve Governor Jerome Powell remained among the candidates he was considering.

In Asia, China's 19th Party Congress remained in focus as markets awaited signs on the future leadership line-up of the country, which will be officially unveiled later this week.

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