Economy

Tokyo stocks drop in morning on geopolitical concerns despite solid GDP data

Tokyo stocks drop in morning on geopolitical concerns despite solid GDP data”

Compared to the previous quarter, the economy expanded 1.0 percent, versus the median estimate for 0.6 percent growth.

The market headed south as investors returned from a three-day holiday weekend in Japan after geopolitical tensions dented overseas markets on Friday. That easily topped the 2.5 percent rise forecast in a Reuters poll.

The Nikkei 225 fell almost 1% as markets re-opened after a public holiday last week.

The benchmark S&P/ASX 200 rose 37.30 points or 0.66 percent to 5,730.40 while the broader All Ordinaries index ended up 35.10 points or 0.61 percent at 5,778.60.

Gains among technology companies and deteriorating Fed rate hike expectations helped U.S. stocks snap a three-day losing streak on Friday, though the markets saw their worst weekly loss since March.

Annualized GDP for previous quarter was revised to a 1.5 percent increase, while quarterly real (inflation adjusted) GDP was revised up to 0.4 percent growth from a 0.3 percent increase. The dollar index stood at 93.088 at 8:02 a.m. HK/SIN.

Seoul stocks rebounded as tensions between the United States and North Korea abated and weak US inflation data added to doubts the Federal Reserve will hike interest rates for the third time this year.

The dollar edged higher against the yen after senior United States national security officials said Sunday that the nation is not on the brink of nuclear war with North Korea, but the danger is much greater than it was a decade ago.

In corporate news, Commonwealth Bank of Australia CEO and Managing Director Ian Narev is expected to retire by the end of the 2018 financial year, the bank said on Monday. CBA has recently been dogged by allegations that it potentially ignored breaches in money-laundering regulations in Australia. Gloves and protective clothing maker Ansell tumbled 3.1 percent after its full-year profit missed forecasts. The company attributed the fall in profit to increasing raw material prices and acquisition charges.

Oil prices made gains on Friday as markets digested a mix of slowing US oil rig additions and instability in Nigeria after protesters occupied a Royal Dutch Shell plant, Reuters reported.

The dollar was 0.24 percent higher against the yen in early Asian trade, trading at 109.40 yen, but the greenback was flat against most of its other primary trading partners including the euro, the loonie and the pound. Brent crude was off 0.06 percent at Dollars 52.07 a barrel and USA crude rose 0.02 percent to trade at USD 48.83.



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