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Asia Stocks Open Higher on Record for MSCIs AllCountry World Index

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Asia stocks opened higher on Tuesday, cruising in the slipstream of a record high overnight gauge of global equity markets, with investors hoping for inflation and monetary policy clues later in a week full of key central bank meetings and data points.

Australias SPASX 200 was up 0.32 at 0130GMT, while Japans Nikkei 225 edged up 0.35, as the country revised firstquarter data showing the economy shrank at a slower pace than initially reported.

MSCIs gauge of Asia Pacific stocks outside Japan rose 0.11, following the path taken by its AllCountry World Index .MIWD00000PUS, which advance 0.1 on Monday, hitting its sixth record close in seven days.

Hong Kongs Hang Seng Index opened up 0.4 while Chinas benchmark CSI300 Index opened flat.

The upward momentum comes as the G7 nations reached a landmark deal on Saturday to back a minimum global corporate tax rate of at least 15, lifting shares of technology giants such as Microsoft and Facebook as their future tax obligations become more predictable.

The European Central Bank is due for its monetary policy meeting on Thursday, the same day U.S. consumer price index number will be released, potentially fuelling talks of tapering by the Federal Reserve. In Asia, China inflation data is due on Wednesday.

The start of a new week has not seen much by way of price action across all asset classes, said Ray Attrill, head of FX Strategy at National Australia Bank.

Its hard to avoid the sense the global markets are for the most part…

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