Asia-Pacific stocks mixed; Japan’s May export data misses expectations
Shares in Asia-Pacific struggled for direction in Wednesday morning trade as investors looked ahead to data releases regionally as well as the U.S. Federal Reserve’s interest rate decision.
In Japan, the Nikkei 225 slipped 0.2% in early trade while the Topix index gained 0.1%. Japan’s exports in May rose 49.6% from a year earlier, data from the country’s Ministry of Finance showed Wednesday. That was lower than a 51.3% increase expected by economists in a Reuters poll.
South Korea’s Kospi edged 0.16% higher. Australian stocks advanced as the S&P/ASX 200 gained 0.14%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.06% higher.
Looking ahead, China is also set to announce economic data, including industrial production and retail sales for May, at 3:00 p.m. HK/SIN on Wednesday.
Japan exports jump, machine orders up in sign of recovery
Japan’s exports rose at the fastest pace in 41 years in May and a key gauge of capital spending grew, helping the world’s third largest economy offset sluggish domestic demand as COVID-19 vaccinations boost business activity in key markets.
The solid data will likely bolster the view that the central bank will keep its ultra-easy policy unchanged at its June 17-18 policy meeting, although it may extend its pandemic-relief programmes to back a fragile economic recovery.
Ministry of Finance data on Wednesday showed exports grew 49.6% year-on-year in May, versus a 51.3% increase expected by economists in a Reuters poll, led by U.S.-bound car shipments.
The jump followed a 38% rise in April and marked the sharpest monthly increase since April 1980, when shipments surged 51.4%.
Reference: CNBC
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