Investing.com - Asian stocks are poised for a third straight day of gains as most of the region’s bourses traded higher Friday on the back of some strong economic news.
In Asian trading Friday, Japan’s Nikkei 225 surged 3.29% after the Ministry of Internal Affairs and Communications said Japan’s unemployment rate was unchanged last month at 4.1%. Analysts expected a reading of 4%.
A separate report showed Japanese retail sales increased 1.5% last month, easily topping the expected increase of 0.7% and the revised April reading of an increase of 0.6%. In another report, the Ministry of Internal Affairs and Communications said Japan’s national rate of inflation was -0.3% last month, beating expectations for a -0.4% reading.
The may inflation reading was also better than the April number of -0.7%. Core CPI in Tokyo rose to 0.2% in June from 0.1% in May. The core number excludes volatile food costs.
Another report by the Ministry of Economy, Trade and Industry said that industrial production in Japan increased 2% in May following a 0.9% increase in April. The 2% increase is well above the 0.2% rise forecast by economists.
Hong Kong’s Hang Seng advanced 1.22% while the Shanghai Composite climbed 1.8% as some investors view Chinese stocks as close to a bottom.
Australia’s S&P/ASX 200 Index was steady while New Zealand’s NZSE 50 rose 0.44%. New Zealand stocks got a bump after Statistics New Zealand said new building permits increased 1.3% to a seasonally adjusted 1,818 last month. Excluding apartments, seasonally adjusted permits fell 0.3% to 1,591.
New residential permits jumped 22% to 18,521 on an annual basis, and excluding apartments, consents jumped 23% to 16,754, according to the data. The value of non-residential construction permits surged 24% to NZD434 million from a year earlier, and was up 9.2% to NZD4.04 billion on an annual basis.
South Korea’s Kospi advanced 1.65% while Singapore’s Straits Times Index added 0.96%. S&P 500 futures rose 0.16% a day after the benchmark U.S. index tacked on 0.62%.
In Asian trading Friday, Japan’s Nikkei 225 surged 3.29% after the Ministry of Internal Affairs and Communications said Japan’s unemployment rate was unchanged last month at 4.1%. Analysts expected a reading of 4%.
A separate report showed Japanese retail sales increased 1.5% last month, easily topping the expected increase of 0.7% and the revised April reading of an increase of 0.6%. In another report, the Ministry of Internal Affairs and Communications said Japan’s national rate of inflation was -0.3% last month, beating expectations for a -0.4% reading.
The may inflation reading was also better than the April number of -0.7%. Core CPI in Tokyo rose to 0.2% in June from 0.1% in May. The core number excludes volatile food costs.
Another report by the Ministry of Economy, Trade and Industry said that industrial production in Japan increased 2% in May following a 0.9% increase in April. The 2% increase is well above the 0.2% rise forecast by economists.
Hong Kong’s Hang Seng advanced 1.22% while the Shanghai Composite climbed 1.8% as some investors view Chinese stocks as close to a bottom.
Australia’s S&P/ASX 200 Index was steady while New Zealand’s NZSE 50 rose 0.44%. New Zealand stocks got a bump after Statistics New Zealand said new building permits increased 1.3% to a seasonally adjusted 1,818 last month. Excluding apartments, seasonally adjusted permits fell 0.3% to 1,591.
New residential permits jumped 22% to 18,521 on an annual basis, and excluding apartments, consents jumped 23% to 16,754, according to the data. The value of non-residential construction permits surged 24% to NZD434 million from a year earlier, and was up 9.2% to NZD4.04 billion on an annual basis.
South Korea’s Kospi advanced 1.65% while Singapore’s Straits Times Index added 0.96%. S&P 500 futures rose 0.16% a day after the benchmark U.S. index tacked on 0.62%.