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Nikkei Bucks Downtrend as Financials, Japanese Automakers Advance
Wednesday, 01 April 2009 10:04:09 GMT
Written by David Song, Analyst, Geng Chen, CFDtrading.com
Full Article
Price actions throughout the Asia/Pacific region were mixed on Wednesday with the Nikkei advancing on speculation that the Japanese automakers will benefit from falling exchange rate and the possible failure of the U.S auto industry after President Barack Obama said that the Administration is prepared to let GM and Chrysler file for bankruptcy.
Asia Session Key Developments
· Japan’s Tankan manufacturing index falls to -58, the lowest since 1974
· Manufacturing in China drops for eighth month
Nikkei Bucks Downtrend as Financials, Japanese Automakers Advance
Price actions throughout the Asia/Pacific region were mixed on Wednesday with the Nikkei advancing on speculation that the Japanese automakers will benefit from falling exchange rate and the possible failure of the U.S auto industry after President Barack Obama said that the Administration is prepared to let GM and Chrysler file for bankruptcy. In addition, further weakness in the leading Asian economies have weigh on the markets as manufacturing activity in China fell for the eighth consecutive month in March, while sentiment amongst Japan’s biggest manufacturers dived to an all-time low.
NKY 225 8351.91
The Japanese equity market snapped a three-day slide on the first day of the new fiscal year as the Nikkei advanced 242.38 points, or 2.99% to end the session at 8351.91. All of the components climbed higher, led by a 4.09% gain in financials, which was followed by 3.69% advance in consumer goods. Honda Motor Co., Japan’s second largest automaker, added 6.7% while Sony Corp. rose 6.4% after a central bank survey showed that businesses expect a smaller drop in full-year profits.
HSI 13519.54
Stocks in Hong Kong fell for the first time in the week, led by phone companies, as the Hang Seng Index lost 56.48 points, or 0.42% to 13519.54. Unicom, China’s second largest mobile-phone company, tumbled 8.1%, while China Mobile Ltd. lost 2.7%. Meanwhile, PetroChina Co. the nation’s biggest oil company dropped 1.1% after Citigroup downgraded the stock to “sell”. Meanwhile, Bank of China Hong Kong rallied 9.7% after its parent company, Bank of China Ltd, said it will increase its stake in the unit.
ASX 200 3579.70
The Australian stock index was little changed on Wednesday as the ASX dropped 2.40 points, or 0.07% to close at 3579.70. The most notable decline was led by Macquarie Airports, Australia’s biggest owner of air terminals, as the company’s shares plunged nearly 8%, and was followed by Macquarie Communications Infrastructure Group, which dropped 6.8% today.
Notable Asian Session Event Risk / Economic Releases
CFDTrading provides news on the economic reports and political events that influence the CFD traders.
Wednesday, 01 April 2009 10:04:09 GMT
Written by David Song, Analyst, Geng Chen, CFDtrading.com
Full Article
Price actions throughout the Asia/Pacific region were mixed on Wednesday with the Nikkei advancing on speculation that the Japanese automakers will benefit from falling exchange rate and the possible failure of the U.S auto industry after President Barack Obama said that the Administration is prepared to let GM and Chrysler file for bankruptcy.
Asia Session Key Developments
· Japan’s Tankan manufacturing index falls to -58, the lowest since 1974
· Manufacturing in China drops for eighth month
Nikkei Bucks Downtrend as Financials, Japanese Automakers Advance
Price actions throughout the Asia/Pacific region were mixed on Wednesday with the Nikkei advancing on speculation that the Japanese automakers will benefit from falling exchange rate and the possible failure of the U.S auto industry after President Barack Obama said that the Administration is prepared to let GM and Chrysler file for bankruptcy. In addition, further weakness in the leading Asian economies have weigh on the markets as manufacturing activity in China fell for the eighth consecutive month in March, while sentiment amongst Japan’s biggest manufacturers dived to an all-time low.
NKY 225 8351.91
The Japanese equity market snapped a three-day slide on the first day of the new fiscal year as the Nikkei advanced 242.38 points, or 2.99% to end the session at 8351.91. All of the components climbed higher, led by a 4.09% gain in financials, which was followed by 3.69% advance in consumer goods. Honda Motor Co., Japan’s second largest automaker, added 6.7% while Sony Corp. rose 6.4% after a central bank survey showed that businesses expect a smaller drop in full-year profits.
HSI 13519.54
Stocks in Hong Kong fell for the first time in the week, led by phone companies, as the Hang Seng Index lost 56.48 points, or 0.42% to 13519.54. Unicom, China’s second largest mobile-phone company, tumbled 8.1%, while China Mobile Ltd. lost 2.7%. Meanwhile, PetroChina Co. the nation’s biggest oil company dropped 1.1% after Citigroup downgraded the stock to “sell”. Meanwhile, Bank of China Hong Kong rallied 9.7% after its parent company, Bank of China Ltd, said it will increase its stake in the unit.
ASX 200 3579.70
The Australian stock index was little changed on Wednesday as the ASX dropped 2.40 points, or 0.07% to close at 3579.70. The most notable decline was led by Macquarie Airports, Australia’s biggest owner of air terminals, as the company’s shares plunged nearly 8%, and was followed by Macquarie Communications Infrastructure Group, which dropped 6.8% today.
Notable Asian Session Event Risk / Economic Releases
CFDTrading provides news on the economic reports and political events that influence the CFD traders.