Asian stocks ascend on firm China GDP

Asian stocks ascend on firm China GDP

On Monday, Asian stocks set a fresh two-year peak, underpinned by stronger-than-expected economic surge in China as well as bets that dismal American data will keep the Fed cautious as for the pace of further monetary policy tightening.

Chinese blue-chips managed to recoup abrupt early losses after data revealed that the world's second-largest economy ascended at a moderately faster than expected pace of 6.9% during the second quarter, due to robust industrial output, exports and retail sales.

Outside Japan, MSCI's broadest index of Asia-Pacific stocks extended earlier profits to gain 0.4% after the buoyant China reports. Japanese markets didn’t function due to a holiday.

Australian stocks, which started on Monday in negative territory, rose 0.1%, while South Korea's KOSPI ascended 0.4%.

Meanwhile, in China the CSI 300 leapt 0.2%, having dropped 2.2%. The Shanghai Composite narrowed earlier drops as much as 2.6%, tumbling 0.1%.



Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

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