Australia’s economy recovered as before the epidemic, stocks rebounded

Australia’s economy recovered as before the epidemic, stocks rebounded

The S&P/ASX 200 index closed trade on June 2 with a gain of 1.05% to 7,217.80 points after news that the Australian economy grew strongly in the first quarter of 2021.

Australia’s S&P/ASX 200 index rose 1.05% on the trading day of June 2. Photo: AFP

Australia’s gross domestic product (GDP) in the first quarter of 2021 increased by 1.8% from the previous quarter on a seasonally adjusted basis, the Australian Bureau of Statistics announced today. The growth beat expectations for a 1.5% increase given in a recent Reuters poll.

“With growth of 1.8 per cent in the first quarter of 2021, Australian economic activity has recovered above pre-pandemic levels as the economy recorded 1.1 per cent growth for the full year,” said Michael Smedes. , representative of the Australian Bureau of Statistics.

After announcing GDP growth in the first quarter, the Australian dollar appreciated and changed hands for 1 AUD to eat at 0.7734 USD, compared to less than 1 AUD/0.772 USD at the beginning of the week.

The main stock indexes in Asia – Pacific fluctuated on the trading day of June 2. In Japan, the Nikkei 225 closed up 0.46% to 28,946.14 points, while the Topix index gained 0.84% ​​and ended the trading day at 1,942.33 points. On the Korean market, the Kospi index edged up 0.1% to 3,224.23 points.

In contrast, mainland China stocks closed in the red with both major indexes falling. The Shanghai Composite Index dropped 0.76% to 3,597.14 while the Shenzhen Component lost 1,176% to 14,857.91 points. In Hong Kong, the Hang Seng index also fell about 0.6%, as of the end of the day trading hours.

Overall, the MSCI Asia-Pacific index (excluding Japan) fell 0.35%.

Shares of Japanese automakers today attracted attention with an impressive increase in the context of the auto industry facing difficulties due to a shortage of chips and blockade measures against the Covid-19 epidemic. Toyota shares today rose 2.18% and Honda shares jumped 4.55%, despite the news that these two automakers have suspended production in Malaysia due to the country’s anti-epidemic blockade from June 1.

Other Japanese automakers also recorded good growth, with Mazda shares up 4.46% and Mitsubishi Motors shares up 3.23%.

In the currency market, the US dollar index against other major currencies rose to 89,987, after falling to 89,857. The Japanese yen depreciated and converted to 109.76 JPY/USD, compared with 109.6 JPY/USD recorded yesterday.

Oil prices traded higher in Asia this afternoon, with Brent crude oil futures up 0.77% to $70.79 a barrel and US crude futures up 0.62% to $68.14 per barrel. /bin.