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Asian stocks rise as Japan factory output rebounds

Asian stocks rise as Japan factory output rebounds
AP
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First Published: Tue, May 31 2011. 09 20 AM IST
Updated: Tue, May 31 2011. 09 19 AM IST
Hong Kong: Asian stocks rose Tuesday following a report that Japan’s factory output rebounded from a record drop following the devastating earthquake and tsunami.
Japan’s Nikkei 225 stock average rose 1.1% to 9,611.17 in morning trading.
Industrial output rose 1% in April after a record 15.5% drop in March, when the country’s economy was slammed by supply disruptions in the wake of the twin disasters. The government also said factory output — a key barometer of Japan’s economic health — will pick up speed in the coming months.
South Korea’s Kospi jumped 1.5% to 2,124.47, while Australia’s S&P/ASX 200 gained 0.9% to 4,708.00. Hong Kong’s Hang Sang was up 1.1% to 23,423.81.
Benchmarks in mainland China, Taiwan and Singapore also rose. Tuesday’s rebound follows a day of muted trading amid reports that European officials are preparing new support measures for Greece.
Stocks markets were closed in the United States on Monday for a holiday. Markets were also closed in Britain, and markets in Germany and France edged down on low trading volumes.
“Sentiment appears to be slightly more upbeat today despite the ongoing speculation about the fate of Greece and its debt burden. Commodity prices have firmed whilst equity volatility has eased. However, the market is likely to continue to gyrate between risk on and risk off over coming days,” strategists at Credit Agricole CIB wrote in a research note.
Benchmark oil for July delivery was up 51 cents to $101.10 a barrel in electronic trading on the New York Mercantile Exchange. The euro strengthened to $1.4389 from $1.4344 in late trading Monday. The dollar rose to 80.97 yen from ¥80.86.
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First Published: Tue, May 31 2011. 09 20 AM IST