Asia stocks set to trade higher; Japan’s revised second-quarter GDP data expected

Stocks in Asia Pacific were set to open higher on Tuesday as investors await the release of Japan’s revised second-quarter gross domestic product data.

Futures pointed to a higher open for Japanese stocks, with the Nikkei futures contract in Chicago at 23,225 while its counterpart in Osaka was at 23,220. That compared against the Nikkei 225’s last close at 23,089.95.

Shares in Australia were also poised to see a positive start to their trading day. The SPI futures contract was at 5,949.0, as compared to the S&P/ASX 200’s last close at 5,944.80.

On the economic data front, Japan’s revised GDP figures for the second quarter are set to be out at around 7:50 a.m. HK/SIN. Preliminary estimates released in mid-August had shown the country’s GDP shrinking 27.8% on an annualized basis in April-June.

Investors will likely continue to monitor geopolitical developments.

China’s Foreign Ministry on Monday accused Washington of “blatant hegemony” after the U.S. Department of Defense said recently it was considering adding Semiconductor Manufacturing International Corporation to the Commerce Department’s so-called entity list. Meanwhile, tensions are also escalating between the U.K. and European Union, putting at risk chances of a post-Brexit trade deal in the coming months.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.719 after earlier seeing levels above 93.0.

The Japanese yen traded at 106.29 per dollar after seeing levels below 106.2 yesterday against the greenback. The Australian dollar changed hands at $0.7281 after seeing a momentary fall below $0.726 late last week.

Here’s a look at what’s on tap:

  • Japan: Second-quarter gross domestic product figures at 7:50 a.m. HK/SIN

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