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Asian Markets Gain ahead of Economic Data

asian, nikkei

The financial markets in the Asian and Pacific Rim were trading higher during the morning trade hours. Regional traders are waiting on China to release their gross domestic product (GDP) data for the third quarter (Q3).

There is also corporate news centring on Alibaba who purchased a controlling stake in Sun Art Retail Group making a splash with Asian and Pacific Rim traders.

The Asian benchmark in Japan, the Nikkei 225 was up over one percent during the morning hours. The broader Topix index, in Tokyo added 1.4 percent.

Across the Korean Strait in Seoul, South Korea the Kospi composite index was up about three quarters of a percent. In The Down Under, the S&P ASX 200 was up over one percent.

In Hong Kong, the benchmark Hang Seng index was up 1.74 percent with shares of banking giant, HSBC leading the way with a gain of three percent.

Asian Traders Monitor Regional Economic Data

According to Japan’s Ministry of Finance, for the month of September, Japanese exports contracted 4.9 percent from a year earlier.

Regional traders are waiting on the world’s second largest economy, China to release key economic growth data. Later today, China will release their third quarter gross domestic product data. China is also publishing monthly industrial production and retail sales data.

China was the first country to be hit with the global coronavirus pandemic and the first country to reopen its economy after a massive lockdown.

Alibaba Makes a Splash with a Major Purchase

As far as regional corporate news is concerned, China’s online retail giant Alibaba saw its shares spike over one percent. The company’s financial technology affiliate Ant Group now has permission from China Securities Regulatory Commission to list its shares in Hong Kong.

Alibaba also purchased a controlling stake in Sun Art Retail Group. After the new, shares of Sun Art Retail Group surged 28 percent in early trading.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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