Nikkei Index Sees Largest One-Day Gain in 7 Years, Brent Crude Jumps By More than 4%
September 9, 2015 6:39 am
After positive trade data from China, all major US indices posted gains, with the Dow Jones Industrial Average closing up 2.42% at 16 492.68, the tech heavy NASDAQ closing up 2.73% and the SP 500 closed up 2.51% at 1 969.41. After yesterday’s solid gains across American and European equity markets, investor sentiment was also up across Asian markets. After Japanese Prime Minister Shinzo Abe reiterated his pledge to lower the corporate tax, the Nikkei soared 7.7% to 18 770.51 at the close in Tokyo, with Japanese stocks on course for their biggest one day gain since October 2008 after wiping its year to date gain in the previous session. After weak Chinese data on Tuesday, hopes of more stimulus for the economy and its markets were higher, with the Shanghai Composite adding 0.56% at 3 190.35 while Hong Kong’s Hang Seng was up 2.05% at 21 696.51.
The Dollar index, which tracks USD across a basket of major currencies, although the Dollar did slip to 0.2% against the Euro, at $1.1177. With improved investor sentiment, the appeal of the safe- haven Japanese currency decreased as the Greenback rose by 0.5% against the Yen to 120.33.
Brent Crude added 0.5% to $49.76 a barrel, after jumping 4% in the previous session following upbeat German data. Despite Wednesday’s gains, concerns remain that high global production is being met with a growing slowdown in demand, especially in the US where the end of the summer driving season means slowing consumption.
Within the equity space investment firms are leading the charge at the top of the FTSE 100 this morning after Hargreaves Lansdown posted their Q2 results, which revealed a 5% drop in operating profit for the year ended 30 June, although revenue nudged up and assets under administration rose 18%. Pre-tax profit for the period fell to £199m from £209.8m, while revenue was up at 1% at £294.2m and assets under administration rose to £55.2bn from £46.9bn. The stock opened 5% higher in early trade at 1165p per share.
After positive trade data from China, all major US indices posted gains, with the Dow Jones Industrial Average closing up 2.42% at 16 492.68, the tech heavy NASDAQ closing up 2.73% and the SP 500 closed up 2.51% at 1 969.41.
After yesterday’s solid gains across American and European equity markets, investor sentiment was also up across Asian markets. After Japanese Prime Minister Shinzo Abe reiterated his pledge to lower the corporate tax, the Nikkei soared 7.7% to 18 770.51 at the close in Tokyo, with Japanese stocks on course for their biggest one day gain since October 2008 after wiping its year to date gain in the previous session. After weak Chinese data on Tuesday, hopes of more stimulus for the economy and its markets were higher, with the Shanghai Composite adding 0.56% at 3 190.35 while Hong Kong’s Hang Seng was up 2.05% at 21 696.51.
The Dollar index, which tracks USD across a basket of major currencies, although the Dollar did slip to 0.2% against the Euro, at $1.1177. With improved investor sentiment, the appeal of the safe- haven Japanese currency decreased as the Greenback rose by 0.5% against the Yen to 120.33.
Brent Crude added 0.5% to $49.76 a barrel, after jumping 4% in the previous session following upbeat German data. Despite Wednesday’s gains, concerns remain that high global production is being met with a growing slowdown in demand, especially in the US where the end of the summer driving season means slowing consumption.
Within the equity space investment firms are leading the charge at the top of the FTSE 100 this morning after Hargreaves Lansdown posted their Q2 results, which revealed a 5% drop in operating profit for the year ended 30 June, although revenue nudged up and assets under administration rose 18%. Pre-tax profit for the period fell to £199m from £209.8m, while revenue was up at 1% at £294.2m and assets under administration rose to £55.2bn from £46.9bn. The stock opened 5% higher in early trade at 1165p per share.
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