Asian markets climb higher after positive US data

Asian markets are up this morning after a slew of positive economic data from the US and rising Chinese industrial profits.

Data released yesterday showed a surprise increase in US durable goods orders in April of 0.8 per cent – the consensus had been for a 0.5 per cent fall. Consumer confidence and home prices were also on the rise.

Chinese industrial profits jumped 10 per cent this year through April compared to the same period in 2013, according to a report released today. There remains widespread speculation that the government will take further measures to achieve the country's 7.5 per cent growth target.

Investors are still buoyed by comments from the European Central Bank (ECB) suggesting that some form of monetary easing will be announced at the next policy meeting.

Fears over the situation in Ukraine have dissipated somewhat after the successful conclusion of the country's presidential election. The government said it had retaken an airport and had inflicted heavy damage on pro-Russian separatists.