Asian stocks are mostly higher after Japan and China reported data reflecting relatively sluggish growth for Asia’s two largest economies
Asian stocks were mostly higher on Monday after Japan and China reported data reflecting relatively sluggish growth for Asia’s two largest economies.
The euro rose after the far-right National Rally gained a strong lead in first-round legislative elections, while the Japanese yen fell, trading at about 161 yen to the dollar. U.S. futures and oil prices rose.
Polling agencies suggest the National Rally might win a majority in the lower house of the parliamentary, but the outcome is uncertain and the voting system is complex.
The euro cost $1.0757, up from $1.0713.
U.S. futures and oil prices rose.
Japan’s benchmark Nikkei 225 added 0.3% to 39,693.29 after a quarterly survey by the Bank of Japan, called the “tankan,” showed a modest improvement in confidence among the country’s largest manufacturers in the April-June quarter.
However the government downgraded its estimate for growth in the first quarter of the year, to a minus 2.9% annual rate from the earlier figure of minus 1.8%.
“Across all industries and firm sizes, business conditions held steady at 12, which is on past form consistent with (quarterly) GDP growth of around 0%,” Marcel Thieliant of Capital Economics said in assessing the tankan. “A renewed slowdown in GDP growth this quarter would be consistent with the slump in industrial production firms were predicting for June.
