Asian shares jump boosted by a strong reading on US retail
Asian shares are edging higher, cheered by a stronger reading than expected on U.S. retail sales that set off a Wall Street rally
TOKYO (AP) — Asian shares edged higher Thursday, cheered by a stronger than expected reading on U.S. retail sales that set off a rally on Wall Street.
In the latest data on the regional economy, Japan's trade deficit reached a record 3.497 trillion yen ($26.2 billion) in January. Imports for the world’s third largest economy jumped amid higher raw material and energy costs, and a weak yen. Exports rose 3.5%.
Japan's benchmark Nikkei 225 gained 0.7% in morning trading to 27,705.72. Australia's S&P/ASX 200 rose 0.7% to 7,406.70. South Korea's Kospi jumped 1.7% to 2,469.63. Hong Kong's Hang Seng surged 2.1% to 21,241.94, while the Shanghai Composite added 0.7% to 3,304.77.
“Asian equities were higher on Thursday after a positive day on Wall Street, where price action was driven by strong retail sales in the US, which signaled a hot economy at the start of the year,” Anderson Alves at ActivTrades said in a report.
