Nikkei Gains as Sales Tax Hike Delay Expected, Crude Continues to Drop
November 12, 2014 6:57 am
Japanese stocks scaled seven-year highs on Wednesday, putting the rest of Asia in the shade amid expectations that Prime Minister Shinzo Abe will postpone a planned sales tax hike to avoid damaging a fragile economic recovery; the Nikkei closed up 0.4%. The Dow and S&P 500 eked out a fifth session of record closing highs on Tuesday, barely extending the market’s recent rally in light volume as consumer discretionary shares gained. The S&P500 closed at 2039 and the Dow closed at 17614.
The Yen, which has remained under pressure for nearly two years due to the BoJ’s aggressive stimulus spending, gained against the Greenback, which traded at 115.37 Yen, down about 0.4 percent on the day after marking a seven-year high of 116.11 Yen on Tuesday, whereas the Euro traded at $1.2484, up about 0.1% on the day and edging away from a two-year low of $1.2358 hit on Friday.
Crude oil continued to drop amid fears of a supply glut, with Brent shedding about 0.9% to $80.93 a barrel. U.S. crude fell 0.9 to $77.25 and spot gold added about 0.2% to $1,166.90 an ounce, though the dollar’s recent strength weighed on its upside.
At the top of the FTSE this morning is G4S who said its trading in the third quarter was in line with expectations, with organic revenue growth up 4.2% compared to a year ago. The security company’s results in the nine months to the end of September were supported by new contract wins at a total value of £1.7bn, which will generate annual revenues of over £870m. The stock is trading up 1.3% at 267p. Bottom of the FTSE100 is Capita Group after results missed expectations, the stock is currently 6% down trading at 1055p.
Data today sees the release of UK Jobless Claimants / Unemployment Rate at 9.30am and Euro zone Industrial Production at 10:00am.
Japanese stocks scaled seven-year highs on Wednesday, putting the rest of Asia in the shade amid expectations that Prime Minister Shinzo Abe will postpone a planned sales tax hike to avoid damaging a fragile economic recovery; the Nikkei closed up 0.4%. The Dow and S&P 500 eked out a fifth session of record closing highs on Tuesday, barely extending the market’s recent rally in light volume as consumer discretionary shares gained. The S&P500 closed at 2039 and the Dow closed at 17614.
The Yen, which has remained under pressure for nearly two years due to the BoJ’s aggressive stimulus spending, gained against the Greenback, which traded at 115.37 Yen, down about 0.4 percent on the day after marking a seven-year high of 116.11 Yen on Tuesday, whereas the Euro traded at $1.2484, up about 0.1% on the day and edging away from a two-year low of $1.2358 hit on Friday.
Crude oil continued to drop amid fears of a supply glut, with Brent shedding about 0.9% to $80.93 a barrel. U.S. crude fell 0.9 to $77.25 and spot gold added about 0.2% to $1,166.90 an ounce, though the dollar’s recent strength weighed on its upside.
At the top of the FTSE this morning is G4S who said its trading in the third quarter was in line with expectations, with organic revenue growth up 4.2% compared to a year ago. The security company’s results in the nine months to the end of September were supported by new contract wins at a total value of £1.7bn, which will generate annual revenues of over £870m. The stock is trading up 1.3% at 267p. Bottom of the FTSE100 is Capita Group after results missed expectations, the stock is currently 6% down trading at 1055p.
Data today sees the release of UK Jobless Claimants / Unemployment Rate at 9.30am and Euro zone Industrial Production at 10:00am.
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