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Asia-Pacific stocks mixed; Japan’s economy shrinks less than expected in first quarter

SINGAPORE — Shares in Asia-Pacific were mixed in Tuesday morning trade, as investors reacted to the release of Japan’s revised first-quarter gross domestic product figures.

The Nikkei 225 in Japan gained 0.26% while the Topix index traded about 0.3% higher.

Revised government data released Tuesday showed Japan’s economy shrank 3.9% in the first quarter, an improvement from the initial estimate of a 5.1% contraction. The revised gross domestic product compared against economists’ median forecast in a Reuters poll for a 4.8% contraction.

Mainland Chinese stocks slipped in early trade, with the Shanghai composite declining 0.19% while the Shenzhen component dipped fractionally. Over in Hong Kong, the Hang Seng index advanced 0.23%.

Elsewhere, South Korea’s Kospi was roughly 0.1% higher. The S&P/ASX 200 in Australia edged 0.22% higher.

MSCI’s broadest index of Asia-Pacific shares traded 0.1% higher.

Overnight on Wall Street, the S&P 500 struggled to reach a record high, slipping roughly 0.1% on the day to 4,226.52. The Dow Jones Industrial Average dropped 126.15 points to 34,360.24 while the Nasdaq Composite gained 0.49% to 13,881.72.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.007 following an earlier low of 89.955.

The Japanese yen traded at 109.39 per dollar, stronger than levels above 110 seen against the greenback last week. The Australian dollar changed hands at $0.7755, largely holding on to gains after last week’s climb from below $0.768.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures dipping 0.85% to $70.88 per barrel. U.S. crude futures declined 0.88% to $68.62 per barrel.

Here’s a look at what’s on tap:

  • Japan: First quarter GDP print at 7:50 a.m. HK/SIN

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