Japanese stocks made a strong recovery on Monday following recent losses, while other markets were modestly higher as investors digested a set of poor economic data from China.
Japan posted a larger-than-expected current-account surplus
of ¥750 billion ($735 billion) for April, compared with expectations
for a ¥310 billion surplus. Separately, Japan revised its growth data
for the January-to-March period to 4.1% in annualized terms, higher than
the 3.5% growth initially reported.
Stocks in Tokyo rebounded after falling for the past three sessions, with the Nikkei Stock Average’s closing up 4.9% to 13,514.20, due to a weaker yen.
Softbank Corp. climbed 6.9% higher, while shares in
exporters were boosted by the weaker yen: Toyota Motor Corp. added 7.1%,
and Bridgestone Corp. rose 5.9%.
The positive employment news from the U.S. was offset by a
string of uninspiring Chinese economic data released over the weekend.
A 1.0% increase in exports for May, combined with a 0.3%
decline in imports, painted a poor picture for trade. Industrial
production grew slightly slower in May compared to April, while consumer
prices rose by 2.1%, undershooting expectations.
Australia’s stock market was closed for a public holiday on Monday.
Hong Kong’s Hang Seng Index was up 0.5%, while markets in mainland China were closed for a public holiday.
South Korea’s Kospi Composite was up 0.5%.
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