Stocks in Asia advance; Korean shares, Won climb

Stocks in Asia gained, with some major markets shut for holidays, as investors weighed the ongoing earnings season against a mixed set of signals for global economic growth. The won rallied as the two Koreas moved closer to peace on the peninsula.

The biggest gain for shares was in Hong Kong, while markets in Japan and China were closed for holidays. Equities in Seoul advanced with the won after North Korea pledged denuclearization on Friday ahead of the upcoming summit between Kim Jong Un and U.S. President Donald Trump. Results from tech giants Microsoft Corp., Intel Corp. and Amazon.com Inc. boosted U.S. equities at the end of last week.

Data on Friday showed the U.S. economy cooled in the first quarter, though not as much as forecast, while the U.K. Posted the worst quarterly GDP figures since 2012. France and Spain reported slightly slower growth rates. Meanwhile, a gauge of activity at China’s manufacturers remained robust, signaling that the economic expansion is intact.

Elsewhere, there was little reaction in the pound after Theresa May ally Amber Rudd quit as U.K. home secretary late Sunday. Crude oil dipped back below the $68-a-barrel level as investors wait to see whether the nuclear accord that Iran signed with world powers in 2015 will survive the scrutiny of the Trump administration.

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