Asian stocks mostly higher despite global recession fears

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Asian stocks mostly higher despite global recession fears

SYDNEY, NSW, Australia-stocks in Asia generally moved higher on Monday despite concerns over a potential global recession.

The markets in the U.S. were closed Monday for the Independence Day holiday.

David J. Kostin, an analyst at Goldman Sachs, told Reuters Monday that the bear market has been driven by valuation rather than the result of reduced earnings estimates.

We expect consensus profit margin forecasts to fall, which will lead to downward EPS revisions whether or not the economy falls into recession. In Japan, the Nikkei 225 gained 218.19 points or 0.84 percent to 26,153. The Australian All Ordinaries jumped by 76.50 points or 1.14 percent to 6,796. In New Zealand, the S&P NZX 50 increased by 109.18 points or 1.032 percent to 10,862. South Korea's Kospi Composite, which was against the trend, dipped 5.08 points or 0.22 percent to close Monday at 2,300. The Hang Seng in Hong Kong was down 29.44 points or 0.13 percent to close at 21,830. The U.S. dollar was steady. The Canadian dollar was higher to 1.2866. The British pound was soft at 1.2118. The Japanese yen went up to 135.46. The British pound fell to 1.2118.