Asian stocks are trading higher; Japan’s second quarter GDP revised downward

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SINGAPORE – Inventories in Asia-Pacific were mostly higher on Tuesday morning, as Japan released revised gross domestic product figures for the second quarter.In Japan, the Nikkei 225 index rose 0.33% in morning trading while the Topix index gained 0.14%.

Japan’s revised GDP figures for the April-June quarter showed that the country’s economy was shrinking 28.1% on an annualized basis, according to second preliminary estimates released by the Cabinet Office. This was worse than preliminary estimates released in mid-August, which showed the country’s economy shrank 27.8% on an annualized basis in April-June.

Tuesday’s revised GDP figure compared to a median forecast of a 28.6% contraction by economists in a Reuters poll.

Following the data release, the Japanese yen traded at 106.26 per dollar after seeing levels below 106.2 yesterday against the greenback.

Elsewhere, the Hang Seng Index in Hong Kong was up 0.33%.

Shares of Chinese bottled water company Nongfu Spring have jumped more than 80% from their issue price when they debuted in Hong Kong. The stock subsequently reduced some of those gains, but was still trading over 60% higher.

The South Korean Kospi rose 0.69%. Australian stocks also posted gains, with the S & P / ASX 200 trading 0.97% higher.

Mainland China stocks held up to the general trend, with the Shanghai composite losing 0.18% while the Shenzhen component falling 0.543%.

Overall, the MSCI Asia ex-Japan index gained 0.34%.

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