Investors react to Japan’s revised first-quarter GDP print

SINGAPORE — Shares in Asia-Pacific nudged higher in Tuesday morning trade, as investors reacted to the release of Japan’s revised first-quarter gross domestic product figures.

The Nikkei 225 in Japan gained 0.14% while the Topix index traded about 0.1% higher.

Revised government data released Tuesday showed Japan’s economy shrank 3.9% in the first quarter, an improvement from the initial estimate of a 5.1% contraction. The revised gross domestic product compared against economists’ median forecast in a Reuters poll for a 4.8% contraction.

Elsewhere, South Korea’s Kospi was flat. The S&P/ASX 200 in Australia edged 0.14% higher.

MSCI’s broadest index of Asia-Pacific shares traded about 0.1% higher.

Overnight on Wall Street, the S&P 500 struggled to reach a record high, slipping roughly 0.1% on the day to 4,226.52. The Dow Jones Industrial Average dropped 126.15 points to 34,360.24 while the Nasdaq Composite gained 0.49% to 13,881.72.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.987 after its recent decline from above the 90 level.

The Japanese yen traded at 109.28 per dollar, stronger than levels above 110 seen against the greenback last week. The Australian dollar changed hands at $0.7755, largely holding on to gains after last week’s climb from below $0.768.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures dipping 0.1% to $71.42 per barrel. U.S. crude futures declined 0.14% to $69.13 per barrel.

Here’s a look at what’s on tap:

  • Japan: First quarter GDP print at 7:50 a.m. HK/SIN

Read More: Investors react to Japan’s revised first-quarter GDP print

2021-06-07 23:36:05

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