Most Asia-Pacific stock markets rallied on stimulus expectations from China and Wall Street gains
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The Tokyo Stock Exchange opens the session with a plus sign, following the trend of the US stock indexes. At the opening, the Nikkei reference index advanced by 0.34% to 32,618.78, with a gain of 112 points. On the currency front, the yen changed little against the dollar at 139.50, and at 149.20 against the euro. Most stock markets across Asia and the Pacific rallied on stimulus expectations from China and overnight gains on Wall Street. The broader MSCI index of Asia-Pacific stocks outside Japan gained 0.6 percent.
China’s stock indices gave up some gains after dismal May trade data. The benchmark stock index remained nearly flat, while Hong Kong’s Hang Seng gained 1%. In fact, the economic situation is not forgiving: Chinese exports decreased by 7.5% in May compared to last year. This was reported by the official Xinhua news agency, which shows a sharp drop compared to the 8.5% increase in April. The post-Covid rebound in the world’s second largest economy has vanished. In short, cross-border Chinese sales fell much faster than expected in May and imports fell, albeit at a slower pace, as producers struggled to find demand abroad and domestic consumption remained sluggish.
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