Beijing, China (BBN)-Asian markets have started the week higher, boosted by Wall Street’s strong performance on Friday and a bounce in iron ore prices.
Both the Nasdaq and S&P 500 closed at new record highs after US tech firms reported strong first quarter profits, reports BBC.
The price of iron ore also jumped 6% on Friday to $57 (£37) a tonne, its highest price since mid-March.
The boost to investors’ confidence helped to lift Japan’s benchmark Nikkei 225 index up 0.1% to 20,034.39.
The dollar bought 118.90 yen, down from 118.99 yen in New York.
CHINA TAKES LEAD
Chinese shares also rose, continuing their bull run and leading the region in gains.
Hong Kong’s Hang Seng index was up 1.1% to 28,378.31, while the Shanghai Composite jumped 1.5% to 28,378.31.
In Australia, shares were higher with the resources sector taking the lead.
The benchmark S&P/ASX 200 was up 0.6% to 5,970.9 – on track to test the key 6,000 level barrier.
The index has failed to break the key psychological barrier of 6,000 since hitting 5,996.9 in early March.
Shares of heavyweight miner BHP Billiton were up 1.6% in early trade thanks to the higher iron ore prices.
Shares in Australian internet service provider iiNet jumped 17% after rival M2 Group said it had made an indicative offer to buy the firm for $1.6bn Australian dollars ($1.25bn; £825m), topping an approach from TPG Telecom.
South Korea’s Kospi index traded flat at 2,159.42.