Japan and South Korea reported unexpectedly strong economic data as Asian stocks rallied

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BEIJING (AP) – Asian stock markets followed Wall Street higher on Thursday after Japan and South Korea reported unexpectedly strong economic data and President Joe Biden announced a 2-year US infrastructure spending plan. 3 trillion dollars. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced.

Japan’s Tankan survey, followed closely, found that trading conditions improved more than expected. South Korea recorded higher export growth in March. House prices rose in New Zealand and Australian manufacturing expanded. Asia-Pacific released a wealth of data today, including the latest Tankan survey from Japan. Most of it was positive, ”ING’s Robert Carnell said in a report. Biden announced plans to spend on broadband internet and clean energy, roads, bridges and public transportation. The plan would reverse corporate tax cuts enacted under his predecessor, Donald Trump. There was little reaction from the market because “investors seem to have already priced” spending and taxes, Oanda’s Edward Moya said in a report. The Shanghai SHCOMP Composite Index, + 0.68% rose 0.3% to 3,451.64 and the Nikkei 225 NIK, + 0.72% in Tokyo advanced 0.7% to 29,385.85. The Hang Seng HSI, + 1.42% in Hong Kong added 1% to 28,655.42. The Kospi in Seoul rose 0.7% to 3,081.68, while the S & P-ASX 200 in Sydney gained 0.6% to 6,828.60. India Sensex opened less than 0.1% at 49,527.39. New Zealand and Jakarta declined while Singapore and Bangkok advanced. Investors oscillate between optimism that coronavirus vaccines will allow companies to return to normalcy and unease over rising infections in the United States and some European countries. That has led some to reimpose travel restrictions. In Japan, the Tankan index of trading conditions for large manufacturers rose to positive territory for the first time since 2019. That “supports our view that the recovery of the economy from the pandemic will accelerate again soon,” said Tom Learmouth of Capital Economics in a report. South Korea reported that March export growth accelerated to 16.6% from the previous year from 9.5% the previous month. On Wall Street, the benchmark S&P 500 index rose 0.4% on Wednesday to 3,972.89. The Dow Jones Industrial Average lost 0.3% to 32,981.55. The Nasdaq composite rose 1.5% to 13,246.87. Tech stocks drove much of the latest S&P 500 earnings, even though more stocks in the index fell than rose. Apple, Microsoft and chipmaker Nvidia rose while financial, energy and materials stocks fell. The yield on 10-year Treasury bonds TMUBMUSD10Y, 1,723% rose to 1.74%, close to its highest level since before the pandemic rocked the markets a year ago. The government‘s vaccines and spending plans have raised expectations of supercharged economic growth and possible higher inflation, raising yields. In energy markets, benchmark US crude rose 37 cents to $ 59.53 a barrel in e-commerce on the New York Mercantile Exchange. The contract fell $ 1.39 on Wednesday to $ 59.16. Brent crude, the base price for international oil, added 34 cents to $ 63.08 a barrel in London. It lost 60 cents the previous session at $ 63.54. The dollar changed little at 110.74 yen. The euro fell to $ 1.1717 from $ 1.1727.