APAC shares in green, ASX 200 the best performer; Japanese GDP beats estimates

2 min read | June 08, 2021 11:58 AM AEST | By Furquan Moharkan

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APAC shares in green, ASX 200 the best performer; Japanese GDP beats estimates — Image source: Representative Image. © Thomaspajot | Megapixl.com

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Summary

APAC markets are in the green after the Japanese economy performed better than the estimates.

China is trading in the red.

The ASX 200 is the best performer in the region.

The equity markets in the Asia Pacific region were mostly trading in green on Tuesday, as investors reacted to gross domestic product (GDP) data coming in from Japan for the first quarter.

In the far-eastern country, the benchmark Nikkei225 in Japan gained 58 basis points (bps) while the Topix index traded 29 bps higher.

According to the revised government data released on Tuesday, Japan’s economy shrank 3.9% in the quarter ended March 2020 – significantly lower that the initial estimate of a 5.1% shrinkage. The revised GDP contraction is also visibly lower than the 4.8% shrinkage that markets were discounting for.

In Mainland China, stocks were trading near the flatline, as the Shanghai Composite index was down 1 basis points (bps) while the Shenzhen Component slipped 6 bps. In the Chinese administrative region of Hong Kong, the Hang Seng index was down 33 bps.

In South Korea, the Kospi was also trading in the green – up 18 bps. Meanwhile in Australia, the ASX200 was trading 1.86% higher – making it the best performing index in the region for the day.

Meanwhile, Morgan Stanley Capital International’s APAC index was 14 bps higher at the time of filing this copy.

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