Asian stocks mostly up after US data

<p>Investors also welcomed strong earning reports in Japan.</p>

Asian stocks were mostly up today (July 31st) after data showed the US posted solid growth during the second quarter.

New data revealed the American economy expanded 2.3 per cent in the second quarter of the year, driven by strong consumer spending.

In addition, first-quarter growth was revised to 0.6 per cent growth from an earlier government estimate of a contraction. 

The strong figures are adding to the Federal Reserve's case for an early interest rate rise. On Wednesday, the institution voted to leave interest rates unchanged at a record low, without giving any signals on the timing of a rate hike.

Meanwhile, investors also welcomed strong earnings reports in Japan, with Japanese leasing-company Orix soaring 9.4 per cent and Fujifilm Holdings jumping 7.9 per cent.

The Shanghai Composite Index fell 1.1 per cent to 3,664.01 and South Korea's Kospi was up 0.5 per cent to 2,030.16. Japan's Nikkei 225 edged up 0.3 per cent at 20,585.24 while Hong Kong's Hang Seng index rose 0.5 per cent to 24,636.28.

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