Investing.com - Asian stocks soared Thursday, following their U.S. counterparts higher, following GDP out of the world’s largest economy and one Asia-specific economic growth report.
In Asian trading Thursday, Japan’s Nikkei 225 jumped 2% even as USD/JPY traded only modestly higher. The yen is up 2.8% against the greenback this month, but still lower by 3.5% in the second quarter. A survey by Bloomberg of 94 economists shows the median year-end estimate for USD/JPY is 105.
Hong Kong’s Hang Seng climbed 1.53% while the Shanghai Composite added 0.98% as concerns over a banking liquidity crunch in the world’s second-largest economy have ebbed a bit in the past several days.
Earlier Thursday, a report showed profits for China’s major industrial firms rose 15.5% last month. Profits from core operating activities were up 8.8%, a 2.8% decline from April. Overall industrial output for the January-May period was up 12.3%.
In U.S. economic news published Wednesday, the U.S. Commerce Department said U.S. GDP grew 1.8% in the first quarter, well below the previous estimate of 2.4% growth. Growth in consumer spending was slashed to 2.6% from 3.4%. Only the home construction and government readings were not revised downward.
Australia’s S&P/ASX 200 rose 1.38% after former Prime Minister Kevin Rudd returned to power after ousting Prime Minister Julia Gillard, the woman who took power from Rudd in 2010. Gillard essentially resigned Wednesday after it became apparent that her party was headed for significant losses.
New Zealand’s added 0.43% and is poised for a second straight up day after Statistics New Zealand said the country’s trade surplus was just NZD71 million at the end of May.
Exports fell a seasonally adjusted 2.7% led by declines in meats and other edible goods. Statistics New Zealand said Australia and the U.S. were to blame for the decline in exports, which was partially offset by shipments to China.
South Korea’s Kospi surged 2.84% after the country revised its 2013 GDP growth outlook to 2.7% from 2.3%. South Korea is Asia’s fourth-largest economy.
Singapore’s Straits Times Index rose 1.21%. S&P 500 futures added 0.31% a day after the benchmark U.S. index climbed 0.96%.
In Asian trading Thursday, Japan’s Nikkei 225 jumped 2% even as USD/JPY traded only modestly higher. The yen is up 2.8% against the greenback this month, but still lower by 3.5% in the second quarter. A survey by Bloomberg of 94 economists shows the median year-end estimate for USD/JPY is 105.
Hong Kong’s Hang Seng climbed 1.53% while the Shanghai Composite added 0.98% as concerns over a banking liquidity crunch in the world’s second-largest economy have ebbed a bit in the past several days.
Earlier Thursday, a report showed profits for China’s major industrial firms rose 15.5% last month. Profits from core operating activities were up 8.8%, a 2.8% decline from April. Overall industrial output for the January-May period was up 12.3%.
In U.S. economic news published Wednesday, the U.S. Commerce Department said U.S. GDP grew 1.8% in the first quarter, well below the previous estimate of 2.4% growth. Growth in consumer spending was slashed to 2.6% from 3.4%. Only the home construction and government readings were not revised downward.
Australia’s S&P/ASX 200 rose 1.38% after former Prime Minister Kevin Rudd returned to power after ousting Prime Minister Julia Gillard, the woman who took power from Rudd in 2010. Gillard essentially resigned Wednesday after it became apparent that her party was headed for significant losses.
New Zealand’s added 0.43% and is poised for a second straight up day after Statistics New Zealand said the country’s trade surplus was just NZD71 million at the end of May.
Exports fell a seasonally adjusted 2.7% led by declines in meats and other edible goods. Statistics New Zealand said Australia and the U.S. were to blame for the decline in exports, which was partially offset by shipments to China.
South Korea’s Kospi surged 2.84% after the country revised its 2013 GDP growth outlook to 2.7% from 2.3%. South Korea is Asia’s fourth-largest economy.
Singapore’s Straits Times Index rose 1.21%. S&P 500 futures added 0.31% a day after the benchmark U.S. index climbed 0.96%.