“China’s growth rebound and North Asia’s earnings rebound in 2024 remain our key investment themes and overweight areas,” Goldman Sachs strategists, led by Timothy Mu, wrote in a note on Saturday.
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Most Asia-Pacific markets rose on Monday, as investors took stock of China's weekend press conference and awaited a series of economic data this week from the region.
Mainland China's CSI 300 index rose more than 2% in choppy trading, while Hong Kong's Hang Seng Index fell 0.4%.
The mainland Hang Seng Real Estate Index rose more than 3%, while the Hang Seng Tech Index fell 0.7%.
Chinese Finance Minister Lan Fuan hinted at a long-awaited news conference on Saturday at issuing more debt amid efforts to support the economy, noting that the government has “fairly significant” room to increase the deficit.
Deflation fears in China deepened in September with consumer prices rising at their slowest pace in three months, 0.4% from a year earlier, while the producer price index fell at their fastest pace in six months, down 2.8%. Both measures missed the expectations of economists polled by Reuters, who estimated the CPI would rise by 0.6% and the producer price index by 2.5%.
China is due to publish its September trade data on Monday, with exports expected to rise 6%, slower growth than 8.7% in August, while imports are expected to grow 0.9%, compared to 0.5% in August.
China watchers are also looking ahead to the week with a crowded set of economic data, including China's third-quarter GDP, September industrial production growth, retail sales and the unemployment rate.
The Japanese market was closed for holiday.
Australia Standard & Poor's/ASX 200 It rose by 0.47% to close at 8,252.8.
Taiwan markets rose 0.32% to settle at 22,975.29.
South Korea's leading Kospi index rose nearly 1% to close at 2,623.29 while the Kosdaq small-cap index finished roughly flat at 770.26.
In the United States, stock futures were little changed in overnight trading on Sunday, as investors waited to evaluate the next batch of major corporate earnings.
Dow Jones Industrial Average futures traded near the flat line. Standard & Poor's 500 futures were flat, while Nasdaq 100 futures fell by 0.1%.
Last week, the three major indexes posted gains for the fifth straight week, with the S&P 500 and Dow Jones Industrial Average hitting all-time highs and closing at record levels on Friday.
— CNBC's Yun Li contributed to this report.
