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Japan shares hit 15-year high on trade data | |
(about 5 hours later) | |
Japan's shares closed at a 15-year high after data showed the country's trade account fell into a deficit in April, but was still better than expected. | |
The deficit was 53.4bn yen ($440m; £283m) - lower than 825.5bn yen a year ago, and below expectations of 318.9bn yen. There was a surplus in March. | The deficit was 53.4bn yen ($440m; £283m) - lower than 825.5bn yen a year ago, and below expectations of 318.9bn yen. There was a surplus in March. |
Exports in the world's third largest economy rose 8% from a year ago - up for the eighth month - but imports fell by 4.2%, well above the 1.5% forecast. | |
The Nikkei was up 0.7% to 20,413.77. | |
That marks the seventh consecutive rise for the benchmark index, which is on its longest winning streak since December. It has gained 4.3% in the period. | |
Investors were expecting the deficit, but sentiment was boosted by the fact that the shortfall was much lower than anticipated. | Investors were expecting the deficit, but sentiment was boosted by the fact that the shortfall was much lower than anticipated. |
Shares of Japan Tobacco were up 1.1% after local reports that Suntory Beverage & Food would buy its beverage vending machine business for 150bn yen. The firm had announced in February that it was getting out of the beverage industry. | |
China leads gains | |
Chinese shares hit another seven-year high with the Shanghai Composite up 2.4% to 4,768.98 - leading the region's gains. | |
Infrastructure and transport stocks boosted the benchmark index after Beijing said it was seeking private funding for over $300bn (£193bn) worth of public projects. | |
The Hong Kong market was closed for a public holiday. | The Hong Kong market was closed for a public holiday. |
In Australia, the S&P/ASX 200 ended higher by 1% to 5,721.5. | |
Shares of miner Sirius Resources jumped more than 21% after fellow miner Independence Group launched a $1.4bn bid to take it over and create a diverse base metals and gold mining group. | |
Meanwhile, markets in South Korea were closed for Buddha's birthday holiday. | Meanwhile, markets in South Korea were closed for Buddha's birthday holiday. |