Bright GDP lifts Tokyo stocks
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DoCoMo and parent NTT are higher after the proposed Cingular takeover of AT&T.
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TOKYO, Japan (Reuters) -- Japanese stocks have jumped in early trade Wednesday after data showed Japan's economy grew at a faster-than-expected pace in the last quarter of 2003.
The Nikkei 225 average is up 0.60 percent at 10,765.76, adding to a 1.44 percent rise in the previous session.
The broader Topix index is up 0.68 percent at 1,061.78.
Supported by robust exports and capital spending, Japan's gross domestic product (GDP) grew by a real 7.0 percent in October-December on an annualized basis, beating a median forecast of 4.6 percent, data released before the opening showed. (Full story)
"This is strong confirmation that Japan's economy is on a recovery track. We're still very dependent on exports, but the numbers also show that consumption is holding up strong," said Tsuyoshi Segawa, strategist at Shinko Securities.
On the Tokyo share market, NTT DoCoMo led gains, rising 2.74 percent to 225,000 yen on expectations it will pocket $6.5 billion in cash from the $41 billion takeover of AT&T Wireless, spelling the end of an expensive foray into the U.S. market.
DoCoMo, Japan's largest mobile carrier and the second-biggest issue on the Tokyo bourse by market value, said on Tuesday it expected to sell its 16 percent stake in AT&T Wireless at the $15 per share price offered by U.S. cellular operator Cingular Wireless.
Yahoo Japan is up 5.5 percent to 1.93 million yen on reports it will split its shares.
Leading automaker Toyota is up 0.27 percent to 3660 yen.
Elsewhere in the region, south Korea's Kospi is just in the red, down 0.25 percent to 882.58. Hyundai Motor and Samsung Electronics are both slightly weaker.
Australia's S&P/ASX200 is half a percent higher to 3345.8, lifted by a 1 percent gain for resources leader BHP Billiton.
Qantas and National Australia Bank are also higher, but News Corp and Telstra are in the red.
Taiwan's Taiex is 0.69 percent higher to 6645.70. TSMC is up 1.6 percent and UMC is 1 percent ahead.
Singapore is virtually flat, while New Zealand is about 0.3 percent ahead.
The moves in Asia follow a strong close Tuesday on Wall Street, with the Dow up 0.8 percent and the Nasdaq putting on 1.3 percent. (Full story)
