Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Asian stocks gain on Japan GDP and US jobs report

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter