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Asian stocks gain on Japan GDP and US jobs report

by Himanshu Singh on Jun 09, 2014 at 04:11

Asian stocks gain on Japan GDP and US jobs report

Asian shares gained on Monday in morning trade after data on Japanese growth, US employment and Chinese exports bolstered the outlook for the global economy.

The MSCI Asia Pacific Index rose 0.3% to 144 as of 9:51 a.m. in Hong Kong. Japan’s Topix index advanced 0.4% after the country’s first-quarter gross domestic product expanded an annualised 6.7% from the previous three months, according to final numbers released by the cabinet office today.

Taiwan’s Taiex index added 0.1%, before the release of exports data for May later today. Singapore’s Straits Times Index gained 0.3%, while South Korea’s Kospi index advanced 0.1%.

Hong Kong’s Hang Seng Index climbed 0.6%, while China’s Shanghai Composite Index fell 0.1% and New Zealand’s NZX 50 Index was little changed. Markets in Australia are closed for a holiday.

Global stocks extended gains as US nonfarm payrolls rose by 217,000 workers in May, exceeding the 215,000 increase projected by analysts and marking a fourth month of gains of more than 200,000, the first time that’s happened since early 2000.

Chinese exports rose a more-than-estimated 7% last month, while imports fell, data yesterday showed.

In corporate news, Nissan Motor Co., which gets nearly 80% of its auto sales outside of Japan, climbed 1.7%.

Dentsu Inc. rose 3.6% in Tokyo after CLSA Asia-Pacific Markets raised its rating on the advertising agency.

Daewoo Shipbuilding & Marine Engineering Co. jumped 4.9% as Australia said the South Korean shipbuilder is one of two companies competing for the contract to build two ships for its navy.

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