Shares in Asia and the Pacific Rim drifted moderately higher this morning on low-volume trade. There was also encouraging growth data out of China which showed strong growth in industrial profits. Toshiba, in Japan, saw its shares fall lower prior to a board meeting as well.
In mainland China, the Shanghai Composite was up 0.1 percent and the smaller Shenzhen Composite Index rose over 0.2 percent.
In Japan, whose markets were closed yesterday for a public holiday, the benchmark Nikkei 225 slipped 0.2 percent after investors shrugged off economic data. The data showed the nation’s economy still has a way to go before meeting the Bank of Japan’s two percent inflation target.
In Japanese corporate news, shares of Toshiba were beaten up. The Asian tech company saw its stock plunge 14.08 percent as it opened to heavy sell orders. The electronics giant is expected to take a one-off-loss f ¥100 billion thanks to a nuclear power acquisition made by its Westinghouse division last ear. They are scheduled to discuss this at today’s board meeting.
In South Korea, the Kospi Composite Index added 0.18 percent.
Markets in Asia Shrug off Data
Markets, in Asia, also saw some data this morning. In Japan the core consumer price index or CPI came out showing a slip of 0.4 percent in November. Markets expected a paring of minus 0.3 percent. Household spending, for the same time period, also fell 1.5 percent from the year prior. In other economic data from the Asian nation, jobs-to-applicants ratio rose 1.41 percent from 1.4 percent seen the month prior. This is its highest level since July 1991.
In China, the National Bureau of Statistics reported that corporate profits, for large firms, rose 14.5 percent in November. There was a big increase for October of 9.8 percent as well. This comes on the back of strengthening raw material prices and a lower base than last year.