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Asian shares gain as China data, U.S. markets support

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Investing.com -

Investing.com - Asian shares gained on Monday as strong export data from China and upwardly revised growth figures from Japan supported regional sentiment.

The Nikkei 225 rose 0.52%, while the Shanghai Composite rose 0.38% and the Hang Seng index gained 0.71%.

Japan raised its economic growth reading for the first quarter, as capital spending was higher than initially thought. Japan's gross domestic product increased at an annualized rate of 6.7% in the first three months of the year, up from an original estimate of a 5.9% expansion.

South Korea's KOSPI was up 0.1%. Australian markets were closed for a public holiday.

At the weekend, China showed a better than expected surplus for May, coming in at $35.92 billion, the largest since $39 billion in January 2009.Exports were up 7.0%, and imports dropped 1.6%, which is bearish for the Australian dollar as the China is a top export destination.

Last week, U.S. stocks rose after data revealed the U.S. economy added more than 200,000 new nonfarm payrolls in May for a fourth consecutive month.

Tthe Dow 30 rose 0.52%, the S&P 500 index rose 0.46%, while the NASDAQ Composite index rose 0.59%.

The U.S. Labor Department reported earlier that the economy added 217,000 in May, close to market expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.

U.S. stocks continued to applaud the European Central Bank's decision to cut its benchmark interest rate on Thursday to a record-low 0.15% from 0.25%, cut its deposit rate to -0.1% and said it will support the banking sector to spur lending via targeted long-term credit injections.

In the week ahead, investors will be looking ahead to Thursday's U.S. retail sales report for further indications on the strength of the economic recovery. A rate review by New Zealand's central bank and the latest U.K. jobs report will also be in focus.

On Monday, Canada is to publish data on housing starts.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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