Asia Pacific equities started the week out on the right foot as Japanese carmakers and Australian miners led indices upward.
Tokyo’s Topix index was up 0.7 per cent on a strong performance from industrials. Shares in Toyota Motor and Mazda Motor were up 2.3 per cent and 2.1 per cent, respectively after the carmakers announced they would jointly build a $1.6bn assembly plant in the US and co-ordinate work on developing electric and self-driving vehicles as part of a deeper partnership agreement.
In Australia materials stocks were benefiting from a rally in Chinese iron ore prices, which rose as much as 7 per cent in Dalian on Monday. Shares in Rio Tinto were up 1.8 per cent, while those in rival BHP Billiton rose 2.2 per cent.
In Hong Kong Tencent was leading a rise in information technology stocks with gains of 1.7 per cent, while the Hang Seng index was up 0.5 per cent.