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Asian markets oscillate between gains and losses
Reports from China provided a mixed picture of the nation’s economy, while revised estimates showed Japan’s economy shrank.
Asian markets oscillated between gains and losses on Monday on upbeat U.S. jobs data and as reports from China provided a mixed picture of the nation’s economy, while revised estimates showed Japan’s economy shrank.
The MSCI Asia Pacific Index fell less than 0.1% to 126 as of 1:21 p.m. Tokyo time. Japan’s Nikkei 225 Stock Average was little changed, while the broader Topix slipped 0.3%. The country’s gross domestic product contracted for a second consecutive quarter in the three months through September, putting the nation’s economy into a technical recession.
In China, Shanghai Composite Index climbed 0.5% after the nation’s exports increased 2.9% in November from a year earlier, compared with the 9% median estimate of 31 analysts in a Bloomberg News survey and an 11.6% increase in October.
Industrial production rose 10.1% in November from a year earlier and retail sales growth rose to 14.9%, while inflation was 2%, the statistics bureau said on Sunday.
Hong Kong’s Hang Seng Index rose 0.4% and Australia’s S&P/ASX 200 Index gained 0.2%. Singapore’s Straits Times Index was up 0.7%. South Korea’s Kospi Index was little changed, erasing gains of as much as 0.7 percent.
In corporate news, Yue Yuen Industrial Holdings Ltd., a maker of shoes for Nike Inc., rose 1.7% in Hong Kong. Aluminum Corp. of China Ltd., the nation’s biggest producer of the lightweight metal, added 2.4% after Chinese industrial production beat estimates. Advantest Corp., the largest producer of semiconductor-testing devices, jumped 5.3% in Tokyo after the company said he expects new orders will rise 20% this quarter.
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by Michelle McGagh on Mar 11, 2014 at 14:49