Nikkei rises despite Japan GDP missing estimates

Asian stocks opened mixed on Monday as Japan's April-June GDP growth missed forecasts. The Nikkei 225 rose 0.38%, but Australia's ASX 200 fell 0.37%. South Korean markets were shut for a holiday.

Japan's economy expanded at an annualised 1.1% in the second quarter, below the 2% economists expected and slowing from 2.1% in the prior quarter. Weaker domestic demand offset stronger exports, NDTV Profit reports. The figures are the first full quarter reflecting the Iran conflict's impact, which has pushed energy costs higher.

Oil prices held steady after last week's rally, with Brent crude below $89 a barrel. Renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz clouded hopes for a US-Iran settlement. Wall Street provided a positive backdrop, with the S&P 500 hitting another all-time high last week, though it ended Friday lower on weak US consumer spending. Gold rose 0.4% to around $4,390 an ounce.