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Japan stocks mixed on revised quarterly growth numbers Japan's Nikkei sees year-to-date gains wiped out
(about 5 hours later)
Japan's investors gave a mixed reaction to revised growth numbers released on Tuesday which showed the country's economy contracted less than originally estimated in the three months to June. Japan's Nikkei index saw its gains made this year wiped out as the benchmark fell below 17,450.77 points on Tuesday.
After starting in positive territory, the benchmark Nikkei was later down 0.31% at 17,804.86. The Nikkei finished the day down 2.43% at 17,427.08 points.
Analysts said investors were concerned about China's economy following latest trade numbers released on Tuesday.
Investors also reacted to Japan's revised growth numbers released earlier which analysts said had not eased concerns about the state of the nation's economy.
Japan's economy contracted 0.3% during the quarter, compared to original calculations of a 0.4% contraction.Japan's economy contracted 0.3% during the quarter, compared to original calculations of a 0.4% contraction.
The revision beat market expectations for a contraction of 0.5%. The revision beat market expectations for a contraction of 0.5% but did little to calm investors.
Japan also revealed a revised contraction in private consumption on Tuesday - to 0.7% from a previous estimate of a 0.8%. The world's third largest economy also revealed a revised contraction in private consumption on Tuesday - to 0.7% from a previous estimate of a 0.8%.
Japan relies on domestic consumption for about 60% of its economy. However, it has been recovering from a sales tax hike which has dampened spending.Japan relies on domestic consumption for about 60% of its economy. However, it has been recovering from a sales tax hike which has dampened spending.
Eyes on ChinaEyes on China
Economists said all eyes would be on China again today after markets there traded erratically on Monday following a four-day weekend. Economists said investors would be watching China markets carefully again on Tuesday as it released its trade numbers and after mainland markets traded erratically on Monday following a four-day weekend.
The Shanghai Composite on the mainland was down 1.18% in early trade at 3,044.76, while Hong Kong's Hang Seng benchmark index was up 0.46% at 20,680.14. Official statistics showed China's imports in August fell 14.3% in yuan-denominated terms from a year ago, while exports fell by 6.1%.
Chris Weston from IG Markets said investors would be watching out particularly for China's August trade balance statistics due out later - and that local markets would be "scrambling" for some sort of lead. The steep fall in the value of imports, which was greater than expected, reflects lower commodity prices globally, particularly crude oil.
He said the market was expecting the surplus to widen to $48bn, with exports expected to fall 6.6% and imports 7.9%. Despite the imports numbers, the Shanghai Composite on the mainland was up 1.89% at 3,138.64 points in late afternoon trade, while Hong Kong's Hang Seng benchmark was up 1.59% at 20,913.18.
"Horrible numbers would not be a surprise and could be a source of volatility for markets in the afternoon," Mr Weston added, "especially with the market already on edge about Chinese growth." Elsewhere in Asia
He also noted there had been "a good level of focus overnight" on the $93bn drop in China's foreign exchange reserves "and that it was certainly more aggressive than what the consensus had been calling for." In Australia the S&P/ASX 200 closed up 1.69% at 5,115.2 points.
In Australia the S&P/ASX 200 was in positive territory on Tuesday, up 0.87% at 5,073.40 points despite some nervous investor sentiment around what could happen to China's stock market. Energy stocks were boosted as investors reacted to news that Australian energy giant Woodside Petroleum had made an estimated $11.65bn Australian dollars ($8.1bn) bid for Oil Search as it looks towards Papua New Guinea's (PNG) market.
South Korea's Kospi benchmark index moved into negative territory in mid morning trade, down 0.48% at 1,874.51 points. Australian-listed shares in Oil Search, which is an oil and gas exploration firm with most of its assets in PNG, rose as much as 17% on the news, though Woodside's slid more than 3%.
South Korea's Kospi benchmark index closed down 0.24% at 1,878.68 points.
The negative investor sentiment there follows the won falling to a near four-year low against the dollar on Monday after Tesco sold its South Korean business Homeplus.The negative investor sentiment there follows the won falling to a near four-year low against the dollar on Monday after Tesco sold its South Korean business Homeplus.