Asian equities ex-Japan rise as investors shrug off US rate rise worries

Stock markets across Asia except Japan advanced as investors shrugged off US rate rise worries and chose to follow US stocks higher.

The MSCI Asia Pacific Excluding Japan Index strengthened as major regional indices – Hang Seng, S&P/ASX 200, Shanghai Composite index posted moderate gains. Meanwhile, Japan’s Nikkei was flat to negative on account of minor gains in early Asia. However, the Dollar-Yen pair was gaining ground at the time of writing and that could put a floor under Japan’s Nikkei index.

US equities ended three-day losing streak on Monday after the data showed personal spending rose for the third straight month in July. However, the optimism was dampened somewhat by the fact that savings rate jumped higher for the first time since March.

In related markets, Gold traded flat to negative around $1326/Oz levels, while oil prices posted moderate gains. Treasury yields erased early losses to trade marginally higher. Dollar index added 0.14% as well.