Investing.com - Asian stocks are mixed to start the week, but Japanese equities drifted lower as the yen rebounded a bit against some of the major currencies. Exchanges in Australia are closed for public holidays.
In Asian trading Monday, Japan’s Nikkei 225 is off 0.2% after USD/JPY and EUR/JPY are seen retreating from their highest levels of the session. Despite a recent surge thanks in large part to the rapidly depreciating yen, Japanese equities have yet to follow their U.S. and German counterparts back to the highs seen prior to the global financial crisis.
Earlier today, Japan’s Cabinet Office boosted its real GDP outlook for the year ending March 31, 2014 to growth of 2.5% from a previous estimate of growth of 1.7%.
On the back of some solid profit reports from Chinese industrial firms, Hong Kong’s Hang Seng jumped 0.47% while the Shanghai Composite surged 1.63%. A report released Sunday showed Chinese industrial companies posted a combined fourth-quarter profit of USD143.9 billion, underscoring the notion that the world’s second-largest is improving.
The weaker yen is again hampering South Korean stocks as the Kospi is off 0.48%. Japan and South Korea are major competitors in the export of automobiles and electronics, among other items, and the weaker yen is seen as straining South Korean exporters particularly if the won does not weaken.
The Kospi’s decline came despite encouraging South Korean consumer sentiment data. Earlier today, the Bank of Korea said the sentiment index rose to 102 for January from 99 in December. That is good for the best reading in eight months.
As this week moves along, traders will be turning their attention to a batch of key economic reports of the U.S. that could further fuel or derail the recent rally in global equities. On Wednesday, the U.S. Commerce Department delivers a fourth-quarter GDP reading while Labor Department delivers the January jobs number and unemployment rate on Friday.
Elsewhere, New Zealand’s NZSE 50 rose 0.11% while Singapore’s Straits Times Index added 0.26%. S&P 500 futures climbed 0.09%.
In Asian trading Monday, Japan’s Nikkei 225 is off 0.2% after USD/JPY and EUR/JPY are seen retreating from their highest levels of the session. Despite a recent surge thanks in large part to the rapidly depreciating yen, Japanese equities have yet to follow their U.S. and German counterparts back to the highs seen prior to the global financial crisis.
Earlier today, Japan’s Cabinet Office boosted its real GDP outlook for the year ending March 31, 2014 to growth of 2.5% from a previous estimate of growth of 1.7%.
On the back of some solid profit reports from Chinese industrial firms, Hong Kong’s Hang Seng jumped 0.47% while the Shanghai Composite surged 1.63%. A report released Sunday showed Chinese industrial companies posted a combined fourth-quarter profit of USD143.9 billion, underscoring the notion that the world’s second-largest is improving.
The weaker yen is again hampering South Korean stocks as the Kospi is off 0.48%. Japan and South Korea are major competitors in the export of automobiles and electronics, among other items, and the weaker yen is seen as straining South Korean exporters particularly if the won does not weaken.
The Kospi’s decline came despite encouraging South Korean consumer sentiment data. Earlier today, the Bank of Korea said the sentiment index rose to 102 for January from 99 in December. That is good for the best reading in eight months.
As this week moves along, traders will be turning their attention to a batch of key economic reports of the U.S. that could further fuel or derail the recent rally in global equities. On Wednesday, the U.S. Commerce Department delivers a fourth-quarter GDP reading while Labor Department delivers the January jobs number and unemployment rate on Friday.
Elsewhere, New Zealand’s NZSE 50 rose 0.11% while Singapore’s Straits Times Index added 0.26%. S&P 500 futures climbed 0.09%.