Asian markets up as Japanese business sentiment index grows

| June 14, 2010 | 0 Comments
Asian markets up as Japanese business sentiment index grows

Asian stock markets saw gains today after a joint survey by the Ministry of Finance and the Cabinet Office revealed a rise in Japanese business confidence.

The survey, which measures the difference in percentage of Japanese companies that expect the economy to improve against those that expect it to deteriorate, was 4.0 in the April-June period against minus 2.4 in the previous January-March period.

Japan’s Nikkei gained 1.8% to close at 9,879.85, while Hong Kong closed up 0.88%.

Sydney and Shanghai were closed for public holidays.

The data followed an upbeat survey in the US after the Thomson Reuters/University of Michigan’s Surveys of Consumers’ index of consumer sentiment rose to 75.5 in June from 73.6 the previous month.

The reading was slightly higher than the 74.5 expected by analysts.

However, the data was somewhat overshadowed by weak US retail sales for the month of May. The Commerce Department revealed a 1.2% fall in retail sales - the first fall in eight months.

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