At 7: 58 am (IST), Asian markets were trading higher. China's Shanghai Composite was up 0.53% or 12.79 points at 2,444.16.
Hong Kong's Hang Seng rose 1.94% or 358.83 points at 18,860.62.
Japan's Nikkei added 1.53% or 133.46 points at 8,881.42.
Singapore's Straits Times gained 0.75% or 20.49 points at 2,764.66.
South Korea's Seoul Composite advanced 1.11% or 20.44 points at 1,855.84.
Taiwan's Taiwan Weighted was up 0.78% or 57.56 points at 7,415.64.
The US markets rallied in the final hour of trading to close at their highest levels after a volatile session. All the three major indices logged 10-week highs, amid optimism that the Eurozone would find a solution to its debt crisis. The volatility index finished below 29.
On economic data front, retail sales jumped 1.1% in September, rebounding at their fastest pace in seven months. Consumer sentiment unexpectedly dipped in early October, falling to 57.5 from 59.4 in the final September report.
In key economic data to watch out today, industrial production data for September is expected to come out today. Consensus figures indicate a rise of 0.2% month on month.
Also, the empire manufacturing survey for October comes out today. Business conditions are expected to decline.
The European markets post three straight weeks of gains, buoyed by earnings news and strong US retail sales data.
G20 finance ministers and central bankers met over the weekend at Paris. The communiqué released states that the G20 met during a time of heightened tensions, they see significant downside risk for the global economy that need to be addressed decisively especially in Europe.
The G20 asked the European leaders to come out with bold measures during the summit on October 23. The G20 also backed plans for a capital surcharge on top banks.
In the currency space, and the euro trades near 1-month high on hopes that Europe's debt crisis will be contained. it is currently at 1.38 to the dollar. Meanwhile the dollar index tumbled to 76.
In commodities, crude prices gain almost 3% following better than expected retail sales data. Brent prices up 8.3% for the week, the largest since the week to February 25.
From the precious metals space, Gold' class='bD_15arlink' title='gold price'>gold posts its biggest weekly gain in six weeks following dollar weakness. Gold currently trading soft around USD 1675 levels
And back home, markets ended the week on a strong note – Nifty added 50 points to close at 5,130, while the Sensex added 200 points.
And in earnings today, IT major TCS may see an industry leading rupee revenue growth but its 21% exposure to the pound and euro may hurt the dollar revenue growth.
From financials HDFC may see a 17% jump in both revenue, PAT and NIMs could bounce from Q1 levels. Mindtree will also announce results.
Source:MoneyControl
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