View the article online at http://citywire.co.uk/money/article/a882292
Asia stocks gain early in tentative recovery
Shanghai Composite Index fell 2.6% as Chinese markets reopen after the new year break.
Asian stocks gained on Monday in morning trade in a tentative recovery that was forming after US stocks staged a rally Friday, even as investors braced for a potentially volatile day in China.
Japan’s Nikkei Stock Average are up 4.1% at 15564 and the Japanese yen continues to ease off of its strongest level in more than one year against the US dollar.
Australia’s S&P ASX 200 gains 0.9% at 4807. Japan was rising from its lowest close since October 2014 while Australia was up from its lowest since July 2013. South Korea’s Kospi was up 1%.
In China, Shanghai Composite Index fell 2.59% as China reopens after the new year break. Hong Kong’s Hang Seng Index added 2.16%.
Better-than-expected US retail sales data from last week and relatively sound US corporate earnings were soothing some concerns about the global economy.
Investors await a batch of Chinese economic data, including export and import figures later this morning.
Earlier, data from Japan showed its economy contracted 1.4% in the fourth quarter. The fall was the second time in three quarters and larger than a 1.2% contraction forecast by economists.
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by Gavin Lumsden on Oct 23, 2016 at 00:01