Nikkei soars, leaving other Asian markets in the dust
On Monday, Asian equity markets showed mixed performance, with Japanese Nikkei outperforming regional markets following stronger-than-expected economic data as well as a weaker yen.
The Nikkei Stock Average NIK gained 1.6% in morning trade, thus becoming the day’s biggest outperformer by far. As for other markets, Australian S&P/ASX 200XJO dipped 0.8%, Singapore’s FTSE Straits Times Index STI lost 0.8%, while Hong Kong’s Hang Seng Index HIS sank 1.2%.
Government data in Japan revealed that its third-quarter GDP expanded an annualized 2.2% for the three months by September, thus beating expectations of a 0.9% expansion.
Besides this, Monday’s data marked the third straight quarter of expansion in Japan, right after a patchy economic performance for the three years since the summer of 2013.
Japan’s economy will probably continue its gradual revival, as some analysts state.
Elsewhere in the region, financial markets were under pressure as traders clung to an optimistic view that President-elect Donald Trump might be able to spur growth in the American economy.