Business

Japan’s preliminary GDP data released; China, Hong Kong closed

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SINGAPORE — Stocks in Asia-Pacific rose in Monday morning trade, with multiple markets in North Asia closed for Lunar New Year holidays.

South Korea’s Kospi led gains in the region as it jumped 1.35%.

In Japan, the Nikkei 225 rose 1.09% in early trade while the Topix index gained 0.82%.

Government data released Monday showed Japan’s economy growing 12.7% on an annualized basis between October and December last year. The preliminary reading for fourth-quarter gross domestic product was higher than economists’ median estimate of a 9.5% gain, according to Reuters.

Stocks in Australia edged higher, with the S&P/ASX 200 up 0.9%.

MSCI’s broadest index of Asia-Pacific shares traded 0.37% higher.

Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on Monday for holidays.

Oil prices jump

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 1.22% to $63.19 per barrel. U.S. crude futures gained 1.66% to $60.46 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.43 after weakening earlier this month from the 91.2 handle.

The Japanese yen traded at 105.03 per dollar, weaker than levels below 104.8 against the greenback seen last week. The Australian dollar was at $0.7762 following its rise last week from levels below $0.772.

Read more at www.cnbc.com

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