Asian shares gain as Japan economy grows slightly faster than forecast

Japan’s economy grows 1.1% annual pace in second quarter

Shares were mostly higher Monday in Asia, a day after U.S. stocks edged back from their all-time high following a weaker-than-expected report on the U.S. economy. U.S. futures were little changed, and oil prices were mixed as the regional session opened.

Tokyo’s Nikkei 225 gained 0.3% to 68,929.33 after the Japanese government reported the economy grew slightly faster than forecast in the April-June quarter, expanding at a 1.1% annual pace even as private spending and investment stayed flat and export growth slowed. In quarterly terms, the economy grew 0.3% in the second quarter.

In Hong Kong, the Hang Seng index climbed 1.6% to 25,521.99, while the Shanghai Composite index rose 0.8% to 3,960.19.

Elsewhere in the region, South Korean markets were closed for a holiday. In Australia, the S&P/ASX 200 slipped 0.4% to 9,076.90, while Taiwan’s Taiex gained 0.5% and India’s Sensex fell 0.5%.

The regional advance came alongside the broader U.S. picture, where the benchmark S&P 500 sat at 7,785.76 after pulling back from its record high on the weaker-than-expected economic data.