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Asian shares swing between gains and losses

Asian shares swing between gains and losses

Asian stocks oscillated between gains and losses on Monday in morning trade ahead of packed week of economic data that will test investor hopes for a pick up in the US, and global, economy.

The MSCI Asia Pacific Index (MXAP) was little changed at 145 as of 9:29 a.m. in Tokyo after rising as much as 0.2%.

Japan’s Topix index rose 0.1% as the yen traded near its strongest level in more than five weeks versus the dollar. Japan’s industrial production expanded 0.5% in May from April, when it shrank 2.8%, a report showed today.

South Korea’s Kospi index rose 0.3%. Australia’s S&P/ASX 200 Index declined 0.5%, while New Zealand’s NZX 50 Index was little changed. In Hong Kong, Hang Seng Index was up 0.34%, while China’s Shanghai Composite Index gained 0.54%.

Data on Chinese manufacturing and the Bank of Japan’s survey on business sentiment are due tomorrow.

Bulls are hoping to see evidence of an economic rebound in the US in this week's busy calendar of data that includes the June payrolls report on Thursday, a day early due to the 4 July holiday.

In corporate news, Yokogawa Electric Corp. advanced 2.4% in Tokyo, leading gains in information technology shares. QBE Insurance Group Ltd. lost 1% in Sydney, leading financial shares lower.

Nitori Holdings Co., which operates a furniture retail chain, surged 7.9% in Tokyo after reporting quarterly profit that beat estimates.

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