Investors failed to notice losses on Wall Street and the euro zone's fiscal troubles, as the Asian markets ended mostly higher on Thursday due to positive economic data from China, Japan and Australia and commodity price gains. Japan's Nikkei Stock Average and Australia's S&P/ASX 200, both gained 1.1%. South Korea's Kospi escalated 0.3% and Hong Kong's Hang Seng Index swelled 0.1%. But, China's Shanghai Composite dipped 0.8%.
Japan’s modified gross domestic product growth came in at a fast rate of 1.2% in the first quarter, over a year ago. Astellas Pharma was up 1.0% and Eisai was 0.7% higher.
As a consequence of the earnings impact from BP's troubled oil drilling operations, Mitsui & Co. dipped 5.8%. The stock was hit as BP's American Depository Receipts dipped 16%, on Wednesday. According to the data, 5.2% of eligible Australians were out of work, a comparatively inadequate figure by global standards and below a predictable 5.4% rate.
Property prices in China's biggest cities rose for a 12th straight month in May, climbing 12.4% from a year earlier, according to figures released by the National Bureau of Statistics.
Barclay’s Economist, Wensheng Peng wrote, “We believe the government will persist in efforts with the objective of cooling the property market, with possibly more measures to be introduced down the road. We expect significant price declines in the next few quarters, as the effect of the measure-particularly a rise in the supply of public housing-kicks in”.
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