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Japan shares up despite disappointing Tankan survey Japan shares up despite disappointing Tankan survey
(about 4 hours later)
Japanese shares headed higher despite a key quarterly survey showing business confidence among big manufacturers worsened in the third quarter. 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 was up 1% at 17,561.22. 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 boostChina 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 was up 1.3% at 5,086.90 points. The benchmark S&P/ASX 200 index closed up 1.8% to 5,111.10 points.
South Korea's Kopsi index was also up 0.4% to 1,970.81 after data showing that factory output in August was stronger than expected as consumption grew. 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.