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Japan shares up despite disappointing Tankan survey | Japan shares up despite disappointing Tankan survey |
(about 4 hours later) | |
Japanese shares ended higher despite a key quarterly survey showing business confidence among big manufacturers worsened in the third quarter. | |
The Bank of Japan's Tankan survey's headline index fell three points to plus 12, which was below expectations as business sentiment worsened for the first time in three quarters. | The Bank of Japan's Tankan survey's headline index fell three points to plus 12, which was below expectations as business sentiment worsened for the first time in three quarters. |
Investors are betting on more stimulus from the central bank on the back of this data, analysts said. | Investors are betting on more stimulus from the central bank on the back of this data, analysts said. |
The Nikkei closed up 1.9% at 17,722.42. | |
The survey comes just a day after data showed that Japanese factory output shrank by 0.5% in August from July, and retail sales also fell short of expectations. | The survey comes just a day after data showed that Japanese factory output shrank by 0.5% in August from July, and retail sales also fell short of expectations. |
Chris Weston, market strategist at trading firm IG, said the weak outlook from Japanese firms will only "add fuel" to calls for more easing from the central bank. | Chris Weston, market strategist at trading firm IG, said the weak outlook from Japanese firms will only "add fuel" to calls for more easing from the central bank. |
"Yesterday's poor industrial production numbers have some traders talking about a negative print in the third quarter GDP [gross domestic product] report," he said in a note on Thursday. | "Yesterday's poor industrial production numbers have some traders talking about a negative print in the third quarter GDP [gross domestic product] report," he said in a note on Thursday. |
A second quarter of contraction would put the world's third largest economy in a technical recession. | A second quarter of contraction would put the world's third largest economy in a technical recession. |
China data boost | China data boost |
China's official manufacturing purchasing managers' index (PMI) was at 49.8 in September, picking up from 49.7 in August and beating expectations. | China's official manufacturing purchasing managers' index (PMI) was at 49.8 in September, picking up from 49.7 in August and beating expectations. |
The vast sector, however, did shrink for the second consecutive month. | The vast sector, however, did shrink for the second consecutive month. |
A number below 50 indicates factory activity contracted, while one above shows expansion. | A number below 50 indicates factory activity contracted, while one above shows expansion. |
Chinese markets are closed for public holidays until 7 October. | Chinese markets are closed for public holidays until 7 October. |
But Australian shares made gains after the better-than-expected data as China is the country's biggest trading partner. | But Australian shares made gains after the better-than-expected data as China is the country's biggest trading partner. |
The benchmark S&P/ASX 200 index closed up 1.8% to 5,111.10 points. | |
Shares of copper miner Oz Minerals jumped over 20% after news that US equity firm KKR bought a 10% stake in the miner despite falling commodity prices. | |
South Korea's Kopsi index also finished up 0.8% to 1,979.32 after data showed that factory output in August was stronger than expected as consumption grew. | |
The industrial output index rose by a seasonally adjusted 0.4% in August from July, after a revised 0.3% fall in the previous month. | The industrial output index rose by a seasonally adjusted 0.4% in August from July, after a revised 0.3% fall in the previous month. |
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