China shares lead Asia higher, dollar buoyed

Jul 28, 2014, 2:47 AM EDT
Consumers shop in a Kowloon clothing store on May 24, 2014, in Hong Kong, China.
AFP/Getty Images

Asian stocks shrugged off a drop in Wall Street and hovered near three-year highs on Monday, with China taking the lead after data showed a robust jump in profits earned by industrial firms in the world's second-largest economy. The dollar traded near six-months peaks against a basket of major currencies as the euro continued to sag. Profits earned by Chinese industrial firms rose 17.9 percent in June to 588.08 billion yuan ($94.98 billion) from a year earlier, up sharply from an 8.9 percent rise in May, the National Bureau of Statistics said.
Background:
China shares lead Asia higher, dollar buoyed [Reuters]
European stock-index futures advance before U.S. reports [Bloomberg]

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