Japan’s stocks rise after better-than-expected export data, Singapore’s non-oil exports slow


People walk past the Shenzhen Stock Exchange building on March 9, 2016 in Shenzhen, China.

Zhong Zhi | Getty Images

Japanese stocks jumped after better-than-expected export figures ahead of other economic data from Australia, Singapore and New Zealand.

Japan’s Nikkei 225 rose 0.88% while the Topix index added 0.89% after the country reported better-than-expected export growth for July compared to a year ago. Its export growth of 19% beat the 18.2% expected by analysts in a Refinitiv poll, driven by a strong recovery in car exports.

Elsewhere, the Kospi is also up 0.33%, while the S&P/ASX 200 in Australia fell 0.21%.

Singapore’s main exports grew at a slower pace in July due to lower shipments of non-electronic goods.

Investors will be watching shares of Chinese food delivery giant Meituan after the stock fell 9% on Tuesday, after a report that Tencent plans to sell the majority of its $24 billion stake in the company.

New Zealand’s central bank, which has aggressively raised interest rates to curb inflation, will also meet for its decision on monthly rates.

Overnight, Wall Street closed higher as Walmart, Home Depot and Bed Bath & Beyond gained after stronger than expected earnings and guidance. Consumer spending could remain strong enough to prevent the economy from tipping into a slowdown.

US President Joe Biden signed the Cut Inflation Act, a tax, health and climate bill and a significantly scaled-down version of the $1.75 trillion Build Back Better plan he advocated last year.


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