Market Update
Asian markets moved higher Thursday after better-than-expected trade data from China.
The Nikkei was up 1.2% as it rebounded from a 2.9% drop the previous session. The Shanghai Composite gained 1% while the Hang Seng was up 0.5%. The Sensex edged up 0.4% and the All Ordinaries added 0.7%.
Data showed Chinese exports rose 0.9% in April over the last year after a 6.6% drop in March. Imports gained 0.8% from a year earlier, recovering from a fall of 11.3% in March. The trade surplus widened to $18.5 billion, up from March’s $7.7 billion. The Chinese markets reacted immediately after the data, extending early gains.
In Sydney, data showed Australia’s unemployment rate remained at 5.8%, slightly better than expectations calling for 5.9%. The number of people employed rose 14,200 compared with expectations for a rise of only 6,800.
Equities were also supported by signs of easing tensions in Ukraine after Russian President Vladimir Putin called for postponing a secession vote.
Stocks on the Move
Toyota and Nissan were up 0.3% and 0.6% each, respectively, ahead of their results.
Mazda was down 1.1% while Honda reversed half a percent. Fuji Heavy dropped 2.5%.
Softbank was down 1.5% after reporting forecast-beating profit late Wednesday, overtaking NTT Docomo to become Japan’s top wireless carrier.
Also after results, Nintendo declined 0.4%.
Mitsui & Co. rose 4.4% after reporting full-year net profit that rose 37%. Peers Mitsubishi Corp. and Sumitomo Corp. added 6.9% and 2% each, respectively.
Among the consumer electronics pack, Panasonic was down 2.2%.
HSBC Holdings was flat in Hong Kong after reporting profit that missed estimates.
Boyaa Interactive zoomed 7.3% after it posted a 56% increase in quarterly net profit.
Cipla was the top gainer on the Sensex, up 2%, followed by ICICI Bank and Hindalco, up 1.6% and 1.5% each, respectively.
Tata Steel strengthened 1.3% while Wipro and Tata Motors drove up 1.2% each.
SSLT and Airtel were up 1.1% each while BHEL, SBI and ONGC all gained a percent each, respectively.
The broader-market listed Procter & Gamble Hygiene & Health Care was up 6.7% after results showing a 55% in quarterly net profit.
National Australia Bank was up a percent after spending most of the morning in the red.
Among miners, BHP Billiton was up 1.2% while Fortescue Metals added 3.9%. Rio Tinto was up 1.3%.
Whitehaven Coal moved up 2.4% after the company raised production outlook.
Steelmaker Arrium said earlier today it would cut 120 jobs at a factory in eastern Australia. Rail freight operator Aurizon Holdings also said it would reduce 480 jobs after centralizing maintenance operations. Arrium shares added 3.1% while Aurizon traded flat.