Asian markets get sigh of relief after upbeat Japanese GDP numbers

After showing ruthless trade in past few sessions, Asian equities got some respite after Japan reported better-than-expected Gross Domestic Product (GDP) numbers, however, Greek crisis continued to weigh down the sentiments. Moreover, the gains remained capped on concern over Europe extended beyond Greece after Spain’s prime minister warned that the nation that it could be locked out of international markets due to problems in the EU, the Spain is trembling under a 24.4% unemployment rate.

Meanwhile, Japanese Nikkei surged over 0.85 percent in the trade after data showed that the economy grew a better-than-estimated 1.0 percent on-quarter in the January-March period, representing a slow recovery boosted by reconstruction from last year’s earthquake tsunami. Moreover, Chinese benchmark Shanghai Composite surged about one and a half percent with country’s consumption-related space broadly stronger in expectation of further policy support after Beijing provided subsidies of $4.2 billion for energy-saving home appliances late on Wednesday.