Asian stocks rose due to Chinese export data, January 10 2013

Asian_Shares
Asian stocks rose

Stocks were rather higher during today’s Asian session as other separate positive economic data from China called to investors that the world’s second-largest economy is reversing.

During the Asian trading today, Japan’s Nikkei 225 increased with 0.74%. Japanese stocks were once again pushed higher by exporters, as the yen was not stable against the major currencies after the Prime Minister Shinzo Abe repeated his request for the Bank of Japan to increase its inflation target to 2%.

Hong Kong’s Hang Seng increased with 0.89% and the Shanghai Composite went up with 0.46% after China’s customs office announced in a report that exports went up with 14.1% last month from a year earlier while imports rose with 6%. Experts had prognosis that exports will go up only with 5%.

America appears to be the largest export destination for China, then it comes the European Union. China is going to publish its inflation numbers tomorrow and its fourth-quarter GDP result on January 18.

Australia’s S&P/ASX 200 rose due to the China news, also because China is one of the main trading partners of Australia. The headlines contributed to increase materials and mining shares, letting Aussie stocks to overcome another negative data point.

In a report, the Australian Bureau of Statistics announced that Australian Building Approvals increased with the seasonally adjusted 2.9%, compared to -5.1% in the previous week whose figure was changed from -7.6%. Experts had prognosis that Australian Building Approvals will go up with 5.0% last week.

At the same time, New Zealand’s NZSE 50 moved up with 0.27%, pointing out that market participants probably were more focused on China than another New Zealand data point. New Zealand’s trade balance increased less than it was supposed in the last month, showed data from yesterday.

In a report, Statistics New Zealand said that the trade balance rose to a seasonally adjusted -700M, from -718M in the preceding month. Analysts had expected the trade balance to rise to -620M last month.

Besides, South Korea’s Kospi went up with 0.52% while Singapore’s Straits Times Index added 0.4%. S&P 500 futures increased with 0.19%.

Like this post? Please share to your friends:
ForexZig - Professional forex trading