Market Update: Japan GDP surges to 3.5% – 16.05.2013

Source: Henderson Global Investors

Yesterday the Dow Jones closed up 0.4% and the S&P 500 finished 0.5% higher, reaching record highs. Recent data showed that wholesale prices suffered their largest fall in three years in April and industrial production declined by the most in eight months. In stock news, shares in Google rose 3.3%, passing $900, and valuing the company in excess of $300bn. The gains came as the company unveiled its latest products at a developers’ conference.

In early morning trading the FTSE 100 has opened up 0.1% while the FTSE Eurofirst 300 is 0.2% lower. Shares in Aviva rose 3.6% as the company reported strong first quarter numbers, helped by its move into fast-growing Asian markets. Elsewhere, Thomas Cook shares climbed 9.3% after unveiling a £1.6bn refinancing plan designed to cut debt and clear the way for a return of dividend payments.

In Japan, preliminary government data showed that first quarter real gross domestic product increased 0.9%, or 3.5% in annualised terms. However, markets were little affected by the data. The Nikkei 225 stock average declined in early trading before rallying late to close up 0.4%.