Investing.com - Asian stocks were mixed during Thursday’s Asian session following the release of HSBC’s Chinese PMI and a report that showed that Japan’s trade deficit widened more than expected.
In Asian trading Thursday, Japan’s Nikkei 225 jumped 1.33% after an economic report showed that Japan had a trade deficit of 0.80 trillion yen, more than the 0.71 trillion yen that was anticipated.
This lent credibility to the economic views of Prime Minister Shinzo Abe, who has been outspoken in his calls for a more aggressive Bank of Japan and a weaker yen. A weaker yen would support Japan’s export-led economy and drive down the nation’s trade deficit.
The falling yen, which began a sustained move lower in mid December, has been accompanied by a rally in Japanese shares.
The yen may continue its move, along with Japan's stocks. Friday will see the release of data on rate of inflation in Japan.
Meanwhile, HSBC’s Chinese manufacturing PMI came in at 51.90, higher than the previous reading of 51.50. Any reading above 50 indicates expansion, while a reading below 50 suggests economic contraction.
Despite the increase in the PMI, the Shanghai Composite actually dropped, falling 0.07%. Hong Kong’s Hang Seng also fell, down 0.15%.
Since bottoming around the end of November, the Shanghai Composite has been a terrific performer and is up better than 10% in the last two months.
Elsewhere, South Korean GDP came in weaker than expected. Year-over-year, South Korean GDP rose only 0.4%, less than the 0.5% economists had anticipated. On a month-over-month basis, South Korea’s GDP increased 1.5%; economists were looking for a reading of 1.9%.
Inline with the disappointing GDP figure, Korea’s KOSPI dropped 0.32%.
New Zealand credit card spending, on a year-over-year basis, rose 4.6% on Thursday, more than the prior 4% rise. New Zealand’s Gross 50 Index rallied 0.05%, while Australia’s S&P/ASX 200 rose 0.42%.
On other Asian exchanges, Singapore’s Straits Times Index rallied 0.33%. The broader MSCI asia apex 50, which seeks to represent Asian stocks excluding Japan, fell 0.51%.
In Asian trading Thursday, Japan’s Nikkei 225 jumped 1.33% after an economic report showed that Japan had a trade deficit of 0.80 trillion yen, more than the 0.71 trillion yen that was anticipated.
This lent credibility to the economic views of Prime Minister Shinzo Abe, who has been outspoken in his calls for a more aggressive Bank of Japan and a weaker yen. A weaker yen would support Japan’s export-led economy and drive down the nation’s trade deficit.
The falling yen, which began a sustained move lower in mid December, has been accompanied by a rally in Japanese shares.
The yen may continue its move, along with Japan's stocks. Friday will see the release of data on rate of inflation in Japan.
Meanwhile, HSBC’s Chinese manufacturing PMI came in at 51.90, higher than the previous reading of 51.50. Any reading above 50 indicates expansion, while a reading below 50 suggests economic contraction.
Despite the increase in the PMI, the Shanghai Composite actually dropped, falling 0.07%. Hong Kong’s Hang Seng also fell, down 0.15%.
Since bottoming around the end of November, the Shanghai Composite has been a terrific performer and is up better than 10% in the last two months.
Elsewhere, South Korean GDP came in weaker than expected. Year-over-year, South Korean GDP rose only 0.4%, less than the 0.5% economists had anticipated. On a month-over-month basis, South Korea’s GDP increased 1.5%; economists were looking for a reading of 1.9%.
Inline with the disappointing GDP figure, Korea’s KOSPI dropped 0.32%.
New Zealand credit card spending, on a year-over-year basis, rose 4.6% on Thursday, more than the prior 4% rise. New Zealand’s Gross 50 Index rallied 0.05%, while Australia’s S&P/ASX 200 rose 0.42%.
On other Asian exchanges, Singapore’s Straits Times Index rallied 0.33%. The broader MSCI asia apex 50, which seeks to represent Asian stocks excluding Japan, fell 0.51%.