Japanese stocks rose for a second day after a report showed the country’s economy shrank less than previously reported. Non-ferrous metals producers led gains, while brokerages dropped.
The Topix index climbed 0.3 percent to 1,449.37 as of 9:02 a.m. in Tokyo, with four stocks rising for every three that fell. The Nikkei 225 Stock Average added 0.5 percent to 17,944.11. The yen fell 0.2 percent to 119.47 per dollar as a report showed Japan’s second-quarter gross domestic product shrank an annualized 1.2 percent compared with a previous estimate of a 1.6 percent contraction.
Economists had forecast the GDP revision to show a 1.8 percent contraction. A separate report showed the nation’s July current account surplus was 1.81 trillion yen, wider than economist estimates of 1.73 trillion yen.
Turnover was light, with volume on the Topix 10 percent below the 30-day intraday average as investors awaited the release of August data on the China’s trade. Economists estimate exports from the world’s second-biggest economy shrank 6.6 percent from a year earlier, while imports contracted by 7.9 percent.
Futures on the Standard & Poor’s 500 Index rose 0.9 percent from Friday’s close. U.S. markets were closed Monday for Labor Day.
Source : Bloomberg