Asian markets higher after US growth data

Asian markets higher after US growth data

HONG KONG - Asian markets climbed on Monday following a record lead from Wall Street after US economic growth figures came in well above expectations.

Chinese shares picked up after the mainland's central bank last week injected funds into financial markets to calm fears of a cash crunch.

Sydney climbed 0.51 per cent, or 26.7 points, to end at 5,291.9 and Seoul rose 0.68 per cent, or 13.54 points, to close at 1,996.89.

Shanghai added 0.24 per cent, or 4.91 points, to end at 2,089.71, the first positive close in 10 sessions. In the afternoon Hong Kong was 0.46 per cent higher.

Tokyo was closed for a public holiday.

US shares rallied on Friday after the Commerce Department said the US economy grew 4.1 per cent year-on-year in July-September, much faster than estimated and up from 2.5 per cent clocked up in the previous three months.

It was the strongest growth in the world's largest economy since the fourth quarter of 2011, when the pace hit 4.9 per cent.

The news came after a decision by the Federal Reserve to trim its stimulus programme by $10 billion to $75 billion a month from January, citing a pick-up in the economy and falling unemployment.

On Wall Street Friday, the Dow added 0.26 per cent and the S&P 500 rose 0.48 per cent - both ending at record highs - while the Nasdaq climbed 1.15 per cent. Chinese shares rebounded after suffering a sell-off Friday on concerns about a cash crunch similar to one that hit in June.

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