Asian shares higher as bullish outlook offsets geopolitical tensions

Stock markets across Asia have broadly advanced today (July 22nd), with investors' positive long-term economic outlook helping to outweigh concerns regarding the geopolitical tensions in Ukraine and Israel.

While Israel's land advance on Gaza is ongoing, there are continuing diplomatic efforts to secure a ceasefire in the region. Later today, European Union foreign ministers will meet to discuss imposing tougher sanctions on Russia for its alleged role in the downing of the Malaysian Airlines MH17 passenger jet last week, which killed all 298 people on board.

Amid ​some ​signs of progress on these key geopolitical issues, the traditional safe-haven asset of the Japanese yen weakened by 0.1 per cent in forex trading markets.

This boosts repatriated earnings for the country's exporters and helped the Nikkei 225 record a 0.84 per cent gain, taking it to 15,343.28 points in the Tokyo index's first session of the week, having remained closed for a public holiday yesterday. 

In China, reports indicated restrictions on residential house purchases are set to be lifted in some cities, supporting an advance in stocks related to the property sector. As a result, the Shanghai Composite added 1.02 per cent and Hong Kong's Hang Seng climbed 1.5 per cent higher.