Stock market today: Japan rises on GDP data; rest of region shaky
CTV
Asian shares were trading mixed Wednesday as Japan's benchmark jumped on the news of solid economic growth data, while the rest of the region was mired in uncertainty.
Asian shares were trading mixed Wednesday as Japan's benchmark jumped on the news of solid economic growth data, while the rest of the region was mired in uncertainty.
Japan's benchmark Nikkei 225 gained 0.8% to finish at 30,093.59. Australia's S&P/ASX 200 dipped 0.5% to 7,199.20, after a better-than-expected wage increase report. The wage price index rose 3.7% year on year. But that could mean an interest rate hike in coming months, according to some analysts.
South Korea's Kospi gained 0.6% to 2,494.02. Hong Kong's Hang Seng lost 1.2% to 19,745.68, while the Shanghai Composite slipped 0.4% to 3,277.07.
Japan's encouraging GDP data released earlier in the day showed consumption was rebounding after COVID-19-related restrictions were eased and borders opened to tourists.
Japan's economy, the world's third largest, grew at an annual pace of 1.6% in the quarter through March, according to the Cabinet Office. That was the strongest GDP growth pace since April-June 2022 marked a 1.1% growth. The main negative came from declining exports due to sluggish global demand.
Concerns about the Chinese and United States economies weighed on investor sentiments.
"Recent Chinese economic data pointing to a slower-than-expected recovery, falling short of consensus estimates, are adding to these concerns. Despite some rebound in consumer spending, there are mounting concerns that the bulk of China's recovery may already be in the rearview mirror," said Anderson Alves at ActivTrades.
