Asian equities started the trading week with gains, which were assisted by the array of positive news and upbeat data released on Monday and over the weekend. Equities in Japan was seen with the most gains after the economy posted a rise in growth in the second quarter, along with news that Japan would be hosting the 2020 Olympic Games.
Asian Equities – Japan Gains
The Japanese benchmark Nikkei 225 index advanced 2.48% to 14,205.23 points, following the positive news posted earlier showing a rise in the country’s economy in the second quarter..
Japan’s gross domestic product (GDP) growth rate on an annual basis rose to 3.8% higher, climbing higher than previous reading of 2.6%.
Investors were pleased with the positive news announced over the weekend that the country’s capital will be hosting the 2020 Olympics, as the event is expected to boost the real estate and construction sectors.
Another separate report released, showed that Japan’s ministry of finance said that the current account balance ended with a ¥334-billion surplus at the end of August, compared to ¥646 billion in the previous month.
The weaker yen also assisted the stocks and exporters, as it headed towards the ¥100 threshold. The nation’s currency was seen 0.55% lower against the greenback at ¥99.64 at the time of writing.
Tokyo’s broader Topix index gained 2% 1,170.82 points.
Asian Equities – China
The trading session in China also started positive with gains, as Hong Kong’s Hang Seng advanced 0.55% higher to 22,744.98 points and the country’s mainland Shanghai composite rose 3.15% to 2,207.32 points.
The gains were assisted by the upbeat data released over the weekend, which showed the number of exporters rose in August by 7.2% on an annual basis, indicating that the world’s second-largest economy is recovering faster than expected.
The country’s Consumer Price Index (CPI) rose by 2.6% year-on-year in August, while on a monthly basis it rose 0.5% in August.
Another reports released from the National Bureau of Statistics of China showed that the Producer Price Index (PPI) for August edged up to -16% from -2.3 in the previous month.
China’s politburo is expected to cut the annual growth target to 7% by 2014 and 2015, however the expansion pace will be higher, according to reports from the state research institute.
The South Korean benchmark Kospi index advanced 0.99% higher to 1,974.67 points.
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