Nikkei sees biggest daily rise since June, Tesco Stock Up as Investigation Continues
October 20, 2014 8:31 am
Japanese stocks led a rally overnight after some solid US data caused the Nikkei to rise 4%, its biggest daily rise since June. This followed a positive session in the US on Friday where the Dow closed around the 16400 mark. The dollar was up just less than half a percent against the yen, pulling away from a five week low hit the previous week, trading at 107.34. The Euro was steady at $1.276 after pulling away from a three week peak scaled last week. Commodity currencies also traded higher with the Australian dollar at $0.8777. Sterling edged up 0.1 percent to $1.6111 after drawing comfort on Friday when Bank of England chief economist Andrew Haldane said markets might be right to bet that UK rates will be hiked sometime in the middle of next year. Crude oil rose in the overnight session with Brent crude bouncing off last week’s four year lows as investors see potential in an oversold market. Brent was up 0.1% trading at $86 a barrel whereas US crude rose half a percent to £83 a barrel. Spot Gold inched down to $1236 after making its second straight weekly gain. In the equity space Tesco is up by around 2.49%, currently trading at around 178p per share after an investigation into a £250m profit overstatement from the UK’s biggest supermarket firm has unearthed evidence of “inappropriate behaviour” by staff, two national newspapers reported on Sunday. To combat the growing Global threat of Ebola, Britain’s biggest drugmaker GlaxoSmithKline said on Saturday that work to develop a vaccine to combat the Virus, which has killed thousands in West Africa, was moving at a rapid pace. Today saw the release of German PPI data, which came out as expected. Apple Inc. is due to release its earnings figures for the third quarter after the US market close later today.
Japanese stocks led a rally overnight after some solid US data caused the Nikkei to rise 4%, its biggest daily rise since June. This followed a positive session in the US on Friday where the Dow closed around the 16400 mark.
The dollar was up just less than half a percent against the yen, pulling away from a five week low hit the previous week, trading at 107.34. The Euro was steady at $1.276 after pulling away from a three week peak scaled last week. Commodity currencies also traded higher with the Australian dollar at $0.8777. Sterling edged up 0.1 percent to $1.6111 after drawing comfort on Friday when Bank of England chief economist Andrew Haldane said markets might be right to bet that UK rates will be hiked sometime in the middle of next year.
Crude oil rose in the overnight session with Brent crude bouncing off last week’s four year lows as investors see potential in an oversold market. Brent was up 0.1% trading at $86 a barrel whereas US crude rose half a percent to £83 a barrel. Spot Gold inched down to $1236 after making its second straight weekly gain.
In the equity space Tesco is up by around 2.49%, currently trading at around 178p per share after an investigation into a £250m profit overstatement from the UK’s biggest supermarket firm has unearthed evidence of “inappropriate behaviour” by staff, two national newspapers reported on Sunday. To combat the growing Global threat of Ebola, Britain’s biggest drugmaker GlaxoSmithKline said on Saturday that work to develop a vaccine to combat the Virus, which has killed thousands in West Africa, was moving at a rapid pace.
Today saw the release of German PPI data, which came out as expected. Apple Inc. is due to release its earnings figures for the third quarter after the US market close later today.
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