Asian markets mostly higher after US growth

HONG KONG: Asian markets mostly rose on Monday following better-than-expected US growth data, although gains were tempered by corporate earnings concerns.

Trade was also nervous at the start of a crucial week that will see a Bank of Japan policy meeting, the release of US jobs data and a series of talks in Europe on Greece's debt.

Tokyo rose 0.24 percent by the break, Sydney added 0.51 percent and Seoul gained 0.46 percent, while Hong Kong and Shanghai were flat.

The Commerce Department said Friday that the world's number one economy grew at a 2.0 percent annual rate in the July-September quarter following the second quarter's 1.3 percent expansion and up from the 1.9 percent forecast by most economists.

A 13 percent jump in defence spending, which tends to be volatile, and better consumer spending and housing investment propelled the growth.

However, the data did highlight flat business investment and shrinking exports.

Wall Street was almost unmoved by the release as investors took in another set of disappointing earnings from the likes of Apple and Merck.

The Dow ended up 0.03 percent, the S&P 500 lost 0.07 percent and the Nasdaq gained 0.06 percent.

The New York Stock Exchange announced it will close its trading floor and make only electronic transactions, as Hurricane Sandy closed in on the US eastern seaboard.