2014.06.0923:41:41UTC+00Asian stocks approach one-year high as global economy blooms

Asian stocks are now headed to its one-year high following the booming global economy. Asian shares had been on a steady incline as Japan GDP and Chinese exports increased. US stocks climbed yesterday after the release of US jobs data that surpassed expectations. European shares also followed after the consecutive ECB announcement and the positive US data. This indicates a blooming global economy for the world's biggest markets.

The MSCI Asia Pacific Index gained 0.3% to 143.98 in the early morning session in Tokyo, a figure that is nearing the highest close since May 21, 2013.

Head of futures, options, and cash equities trading at Asia Pacific, Toby Lawson stated that unless economic data lets down, the markets are unlikely to fall. He added that based from the latest Chinese data, everything looked okay and that the Chinese government has the capability to “smooth growth lines if necessary”.

Topix index of Japan rose 0.4% while Kospi index of South Korea gained 0.3%. Data from the China and Hong Kong will be available upon the opening of their markets.

The People's Bank of China announced yesterday that several of their banks have a cut in reserve requirement with leaders of China aiming to increase domestic demand with the gradual drag in growth.