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Asian Stocks Gain Higher, Set for a Strong Week

Asian markets gain higher during opening, the dollar climbed above 111 yen Monday after Japan posted a surprise trade deficit for May.

The Nikkei Stock Average was up 0.6% in early trade, with a softer yen aiding a move back above 20,000 points. Australia’s S&P/ASX 200 was up 0.5%, Korea’s Kospi SEU 0.6% and Hong Kong’s Hang Seng Index gained 1%.

 

 

In Japan, economists had expected a modest trade surplus for May. Instead, the country reported its first deficit since January. Still, local stocks shrugged off the report as the exports data in Japan continue to reinforce the growth story for Japan’s economy.

Japan’s exports increased 14.9% for May from a year earlier, the biggest rise since January 2015, marking the sixth consecutive month of increases. But the figure came in lower than an 18.2% increase expected by economists.

Asian market could find index provider MSCI's annual market classification review a key event to follow. MSCI will decide tomorrow whether to include a group of China A-shares in its main emerging market index.

If approved, it would give investors easier access to the China markets, create more liquidity for the shares and prompt funds all over the world to pour billions into the country's stocks. For China, acceptance by MSCI would mark a key step for Beijing as it seeks to open up its financial markets and attract foreign capital. 

 

While, oil prices pulled back in Asia after ending in positive territory last week. July Nymex was down 0.3% at $44.60 a barrel, while August Brent fell 0.2% to $47.25.

 

 

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