Asian stocks mixed despite solid Japan GDP report; Nikkei down 1.08%
Published May 15, 2013 11:20PM ET
In Asian trading Thursday, Japan’s Nikkei 225 fell 1.08% even after Japan's Cabinet Office said earlier Thursday that the country’s first-quarter GDP surged 3.5%, easily topping expectations calling for 2.7% growth. Perhaps more importantly, private consumption, which accounts for 60% of Japan’s GDP, represented 2.3% of the increase.
On a nominal basis, Japan’s GDP increased 1.5%, the best increase in a year. Japan’s first-quarter GDP report serves as the latest sign that Prime Minister Shinzo Abe’s yen devaluation tactics are working. Financial services firms were among the shares that dragged Japanese stocks lower.
Hong Kong’s Hang Seng rose 0.27% while the Shanghai Composite added 0.59%. Due in part to compelling to valuations, Chinese stocks have gained steam over the past month, joining an Asian party that for much of this year has been led by Japanese equities.
Australia’s S&P/ASX 200 Index fell 0.20% amid weakness in mining and materials shares due to falling gold prices.
New Zealand’s NZSE 50 dropped 0.21% even after the country forecast a fiscal 2015 budget surplus. New Zealand is expected to have a fiscal 2013 budget deficit of NZD6.29 billion. The rebuild of Christchurch is expected to help facilitate the surplus.
Earlier Thursday, the New Zealand Treasury forecast 2013-2014 GDP growth of 2.3% and 2014-2015 growth of 2.8%. The economy there grew 3% last year.
South Korea’s Kospi jumped 0.96% as USD/JPY fell. Singapore’s Straits Times Index inched down 0.02% while S&P 500 futures nudged down 0.01%. The benchmark U.S. index rose 0.51% Wednesday.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.