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Tokyo: Stocks open up 0.40 per cent

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Tokyo stocks opened 0.40 per cent higher on Monday, despite official data showing Japan's economy contracted last quarter.

[TOKYO] Tokyo stocks opened 0.40 per cent higher on Monday, despite official data showing Japan's economy contracted last quarter.

The Nikkei 225 index at the Tokyo Stock Exchange rose 81.90 points to 20,601.35 yen.

In currency markets, the dollar was quoted at 124.39 yen, up modestly from 124.32 yen in New York late Friday.

The euro slid to US$1.1096 and 138.01 yen from US$1.1112 and 138.14 yen.

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Shortly before the opening bell, official data showed Japan's economy contracted 0.4 per cent, or an annualised 1.6 per cent, in the April-June quarter due to weak consumption and slowing exports.

Still, the data came in slightly better than the market's expectations for a fall of 0.5 per cent, or an annualised 1.8 per cent.

Wall Street rose Friday, with the Dow Jones Industrial Average closing at 17,479.47, up 0.41 per cent, following solid US data on wholesale prices and industrial production.

US data showed a solid gain in industrial production and higher wholesale prices. The most anticipated report, July retail sales, rose 0.6 per cent behind large gains in auto purchasing and advances in most other categories.

AFP

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