Asian Markets Close Higher As Japan Rebounds
Stock markets across the Asia-Pacific region closed higher after the Japanese market rebounded as the dollar gained against the yen.
The markets had started off on a weak note, tracking Wall Street’s decline Friday on heavy first-quarter losses reported by American International Group and record crude prices.
Australian market ended higher on news of merger talks between Westpac and St. George Bank.
Markets in Hong Kong and South Korea were closed for a public holiday.
Japan’s benchmark 225-issue Nikkei Stock Average advanced 88.02 points or 0.64% to settle at 13,743.36 and the broader Topix index of all First Section issues on the Tokyo Stock Exchange closed up 1.03 points or 0.08% at 1,342.79.
In late Tokyo deals, the dollar was trading in upper 103-yen levels. At 5:17pm local time, the dollar was quoted at 103.84-103.87 yen, up 0.76 yen from Friday’s 5:00pm quotes of 103.08-103.11.
On the economic front, the Bank of Japan said that the value of outstanding loans at Japanese banks increased 1.3% in April compared to a year earlier.
In a separate release, the central bank said that the money supply in Japan increased by 1.9% on year in April.
Shanghai shares closed higher on Monday, but off the day’s highs after a strong earthquake hit the southwest of the country.
Government data showed that the consumer price index increased 8.5% in April, on year-over-year basis, following jumps of 8.3% in March and a near 12-year high of 8.7% in February.
Among other economic data released today, food prices rose 22.1% year-on-year last month, while non-food prices were up 1.8%, according to the statistics bureau.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, edged up 13.49 points or 0.37% to finish at 3,626.98.
Australia’s S&P/ASX 200 index closed up 56.7 points or 1.0% at 5,828.5 and the broader All Ordinaries index added 49.7 points or 0.9% to finish at 5,894.1.
On the Sydney Futures exchange, the June share price index futures contract was up 69 points at 5,835.
The Australian dollar closed lower as the U.S. dollar gained on reports that the U.S. government and Group-of-Seven nations were determined to end dollar’s slide.
Housing finance data released today also contributed to the decline. The local unit finished the session at US$0.9379-0.9384, down from Friday’s close of US$0.9421-0.9425.
On the economic front, the Australian Bureau of Statistics said that dwelling commitments fell by a seasonally adjusted 5.3% in March compared to the previous month.
Meanwhile, National Australia Bank’s latest survey showed that the business conditions in Australia held steady in April, but business confidence decreased.
According to the survey, business confidence fell in April by four points to a reading of minus 8.
The benchmark NZX 50 index closed down 36.66 points or 1.02% at 3,637.83, while the NZX All Capital index advanced 6.80 points or 0.72% to finish at 947.69.
The New Zealand dollar fell on risk aversion and lingering concerns about the local economy.
The kiwi closed the session at U$0.7652, down from Friday’s close of US$0.7720.
On the economic front, house price growth in New Zealand eased for the eighth straight month in April due to high interest rates and falling demand.
Singapore’s Straits Times Index closed up 18.13 points at 3,180.16.
Malaysia’s Kuala Lumpur Composite Index closed up 7.82 points or 0.61% at 1,293.09.
Indonesia’s Jakarta composite index edged up 2.98 points or 0.74% at 2,378.00.
Taiwan’s weighted index gained 37.66 points or 0.43% to finish at 8,830.05.
India’s Sensex closed up 123.83 points or 0.74% at 16,860.90 and the broader Nifty climbed 0.60% to finish at 5,012.65.
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