Asian stocks rise after strong Japan, China data

Asian stocks rise after strong Japan, China data
An investor looks at an electronic board showing stock information at a brokerage house in Huaibei, Anhui province September 9, 2013. Shanghai shares started the week with their biggest daily gain in nine months, thanks to a batch of solid August economic data and hopes that regulators will allow banks to issue preferred shares.

HONG KONG, Sept 09, 2013 (AFP) - Asian markets rose Monday as strong Chinese trade data lifted hopes for the global economic outlook while Japanese stocks were boosted by improved growth figures and Tokyo's successful bid to host the 2020 Olympics.

Weaker-than-forecast US jobs figures raised concerns about the world's number one economy but also fuelled hope that the Federal Reserve will hold off winding down its stimulus programme for the time being.

Tokyo rose 2.48 per cent, or 344.42 points, to 14,205.23. Japanese dealers bought into construction and real estate plays after Tokyo's Olympics success, while there was also cheer for better-than expected gross domestic product data for the April-June quarter.

Sydney rose 0.71 per cent, or 36.5 points, to 5,181.5 in the first session back after the conservative Liberal/National coalition won a weekend general election in Australia as widely expected.

Shanghai soared 3.39 per cent, or 72.53 points, to 2,212.52 and Hong Kong added 0.57 per cent, or 129.43 points, to 22,750.65. Seoul closed 0.99 per cent higher, adding 19.36 points to 1,974.67.

Chinese data on Sunday showed exports jumped 7.2 per cent year-on-year to $190.6 billion last month, much better than the 6.0 per cent expected by economists. It was also better than the 5.1 per cent rise seen in July.

The figures are the latest in a string of good results out of Beijing that indicate China's painful slowdown over much of the first six months of 2013 may have come to an end. Earlier this month the government said manufacturing activity grew at its fastest pace in 16 months in August.

Investors were cheered by the news as Chinese growth is key to helping drive the economies of many other countries in the region.

Tokyo dealers were already in buying mood after the Olympics result when data was unveiled showing the Japanese economy grew 0.9 per cent over the previous quarter in April-June, up from a preliminary reading of 0.6 per cent.

On an annualised basis the economy expanded 3.8 per cent, the government said, up from the first estimate of 2.6 per cent. Annualised figures show the rate of growth if the data was stretched across an entire year.

"The Olympics, better-than-expected China's export data, and strong GDP data are all supporting the market today," Haruhiko Kuramochi, strategist at Mizuho Securities, told Dow Jones Newswires.

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