Asian stocks surge as China’s first-quarter GDP tumbles. On Friday, stocks in Asia jumped after data revealed that China’s economy shrank by 6.8% in the first quarter.
Over in Japan, the Nikkei 225 rose 3.15% to close at 19,897.26 after the stocks of index heavyweights Fast Retailing and Softbank Group soared surged more than 6% each. The Topix index closed it’s trading day 1.43% higher at 1,442.54.
South Korea’s Kospi also added 3.09% to end the session at 1,914.53. Hong Kong’s Hang Seng index surged 1.67% in the final trading hours.
Mainland Chinese stocks also climbed with the Shenzhen composite up 0.66% to about 2,838.49 and the Shanghai Composite jumped 0.338% to approximately 1,750.28.
Australia’s S&P/ASX 200 elevated 1.31% to finish at 5,487.50.
China’s first-quarter GDP shrank for the first time in 2020, the data from the National Bureau of Statistics of China reported.
“We expect a significant sequential recovery in Q2 as economic life returns to normal,” economists at Oxford Economics wrote in a note following the data release. This recovery will be weighed down by weak domestic and foreign demand.”
The Japanese yen was at 107.73 per dollar, after reaching levels below 107.4 earlier in the trading week. The Australian dollar traded at $0.6342, having seen levels above $0.64 seen earlier this week.
Oil prices showed mixed figures with international benchmark Brent crude futures plunged 0.43% to $27.94 per barrel, while U.S. crude futures rose 6.24% to $18.63 per barrel.