Asia-Pacific markets were mixed Friday as investors parsed Japan’s latest gross domestic product figures and awaited a slate of other economic data from the region.
Japan’s benchmark Nikkei 225 traded flat to close at 37,753.72 while the Topix added 0.05% to end the trading day at 2,740.45 after Japan’s economy contracted 0.2% quarter-on-quarter for the three months ended March. Economists polled by Reuters had estimated a 0.1% economic contraction from the prior quarter.
The data comes at a time when the country is locked in trade negotiations with the U.S., with initial talks between both sides not yielding a conclusive deal so far.
A weak outcome for Japan’s GDP can weigh on the Bank of Japan’s rate hike pricing and push USD/JPY up towards resistance at 148.13, Commonwealth Bank of Australia wrote in a note. The Japanese yen is currently trading at 145.52 against the greenback.
Australia’s benchmark S&P/ASX 200 added 0.56% to close at 8,343.7. South Korea’s Kospi closed 0.21% higher at 2,626.87 while the small-cap Kosdaq lost 1.11% to close at 725.07.
India’s Nifty 50 declined 0.26%.
Hong Kong’s Hang Seng index slipped 0.43% while mainland China’s CSI 300 dipped 0.46% to close at 3,889.09.
U.S. stock futures near the flatline after the S&P 500 posted a four-day rally on the back of U.S. and China’s temporary tariff cuts and encouraging inflation reports. Futures tied to the Dow Jones Industrial Average added 32 points, or 0.08%. S&P 500 futures slipped 0.03%, while Nasdaq 100 futures inched down 0.07%.
Overnight stateside, the three major averages closed mixed. The S&P 500 climbed for a fourth session, adding to this week’s rally after the U.S. and China agreed to temporarily slash tariff rates. The broad market index rose 0.41% to end at 5,916.93, while the Dow Jones Industrial Average added 271.69 points, or 0.65%, and closed at 42,322.75.
The Nasdaq Composite underperformed, slipping 0.18% and settling at 19,112.32.
source: cnbc.com
