Asian Stocks Rise as US Economy Report Fails to Impress

The Asian stock market is mostly higher on Monday after US stocks edged back from their all-time high following a weaker-than-expected report on the US economy. The Nikkei 225 index in Tokyo gained 0.3% to 68,929.33 after Japan's government reported that the economy grew slightly faster than forecast in the April-June quarter, expanding at a 1.1% annual pace.

The Hang Seng in Hong Kong picked up 1.6% to 25,521.99, while the Shanghai Composite index rose 0.8% to 3,960.19. However, markets in South Korea were closed for a holiday.

The Federal Reserve's interest rate policy will be under scrutiny this week with the release of minutes from the July meeting on Wednesday. This comes as Wall Street and economists await financial updates from major retailers, including Home Depot, Target, and Walmart.

The stability of oil supplies remains uncertain due to ongoing tensions in the Middle East, with Brent crude edging 0.1% higher to $88.62 per barrel, while US benchmark crude slipped 0.3% to $82.19 per barrel.