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Asian Markets: Japan and South Korea reported unexpectedly sturdy financial knowledge as Asian shares rose

BEIJING (AP) – Asian stock markets followed Wall Street higher on Thursday after Japan and South Korea reported unexpectedly strong economic data and President Joe Biden announced a US $ 2.3 trillion infrastructure spending plan.

The market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney have developed further.

Japan's closely watched Tankan poll found that business conditions have improved more than expected. South Korea saw higher export growth in March. New Zealand property prices rose and Australian production expanded.

“The Asia-Pacific region released a lot of data today, including Japan's most recent Tankan survey. Most of it was positive, ”ING's Robert Carnell said in a report.

Biden announced plans to spend on broadband internet and clean energy, roads, bridges and public transportation. The plan would reverse the corporate tax cuts enacted under his predecessor Donald Trump.

There was little market reaction because "investors seem to have already priced in expenses and taxes," Oanda's Edward Moya said in a report.

The Shanghai Composite Index
SHCOMP,
+ 0.71%
rose 0.3% to 3,451.64 and the Nikkei 225
NIK,
+ 0.72%
in Tokyo it rose by 0.7% to 29,385.85. The Hang Seng
HSI,
+ 1.97%
in Hong Kong the share rose by 1% to 28,655.42.

The Kospi in Seoul rose 0.7% to 3,081.68, while the S&P ASX 200 in Sydney rose 0.6% to 6,828.60.

India's Sensex opened at 49,527.39, less than 0.1%. New Zealand and Jakarta refused, while Singapore and Bangkok advanced.

Investors vacillate between optimism that coronavirus vaccines will allow companies to go back to normal and unease about rising infections in the US and some European countries. That has led some to reintroduce the curbs.

In Japan, the Tankan index of business conditions for major manufacturers rose back into positive territory for the first time since 2019.

This "supports our view that the pandemic economic recovery will soon pick up speed," Capital Economics' Tom Learmouth said in a report.

South Korea reported that export growth accelerated from 9.5% yoy to 16.6% yoy in March.

On Wall Street, the benchmark index S&P 500 rose 0.4% to 3,972.89 on Wednesday. The Dow Jones Industrial Average lost 0.3% to 32,981.55. The Nasdaq network rose 1.5% to 13,246.87.

Technology stocks drove much of the S&P 500's recent gains, though more stocks in the index fell than rose. Apple, Microsoft, and chipmaker Nvidia rose while stocks in the finance, energy, and materials sectors fell.

The 10 year Treasury yield
TMUBMUSD10Y,
1,720%
rose to 1.74%, almost the highest level since the pandemic a year ago. Vaccinations and government spending plans have raised expectations of boosted economic growth and a possible spike in inflation, which has boosted returns.

In the energy markets, the US crude oil price in electronic trading on the New York Mercantile Exchange rose 37 cents to $ 59.53 a barrel. The contract fell $ 1.39 to $ 59.16 on Wednesday. Brent crude, the price base for international oils, increased $ 63.08 a barrel in London by 34 cents. It lost 60 cents in the last session to $ 63.54.

The dollar barely changed at 110.74 yen. The euro fell from $ 1.1727 to $ 1.1717.

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