Quantcast
Latest Stories

Tokyo stocks, euro up in holiday-hit trade



TOKYO – Japanese shares rose in quiet regional trade on Friday while the euro enjoyed a pick-up as concerns over Cyprus eased after the island’s bank’s reopened to relative calm.

Lenders in the Mediterranean nation began trading Thursday for the first time since a controversial bailout was agreed, with the first capital controls of their kind in the eurozone blocking a bank run that analysts feared could ripple across region.

Investors were also eyeing tensions on the Korean peninsula, as North Korean leader Kim Jong-Un ordered preparations for strategic strikes on the US mainland and military bases after US stealth bombers flew training runs over South Korea.

In the afternoon Japan’s benchmark Nikkei 225 index was 0.42 percent higher, while the market is up almost 20 percent since the start of the year.

“There is no direction or momentum to trading today, as most players are satisfied with the last three months of gains, and see few reasons to take a last-day risk with so many participants missing,” said Kenichi Hirano, a market analyst at Tachibana Securities.

Markets in Hong Kong, Sydney, Wellington, Singapore, Jakarta, Manila and Mumbai were closed for the Easter holidays.

In other markets Seoul gained 0.67 percent, while Taipei was up 0.29 percent and Shanghai lost 0.14 percent.

In forex trade, the euro edged up to $1.2830 from $1.2814 in New York late Thursday, while it bought 120.67 yen from 120.64 yen — with some support coming from upbeat German retail sales data.

The single currency has been on a downward roll as traders fret about the situation in Cyprus, which this week agreed a rescue plan with its creditors that includes a levy on bank deposits over 100,000 euros.

There had been fears ahead of the reopening of the country’s banks that savers would rush to take out as much money as they could — and lead to a knock-on effect in other troubled economies.

Eventually there was little panic, soothing market jitters slightly.

However, the euro’s rebound was limited as analysts said the Cyprus crisis was still not over, while Italian politicians struggle to produce a governing coalition more than a month after elections despite the economy being in dire straits.

The dollar weakened to 94.11 yen, from 94.12 yen, ahead of a Bank of Japan meeting next week that is expected to see the launch of more aggressive easing by the central bank.

Traders will also have an eye on meetings of the European Central Bank and Bank of England.

Wall Street provided a healthy lead, with the S&P 500 hitting a record high thanks to growing confidence in the US economy, while the Dow, hit yet another all-time high itself.

Market watchers credited steadily improving US data, solid corporate earnings and continued high liquidity from the Federal Reserve’s stimulus measures.

Gold was at $1,596.00 an ounce at 0400 GMT compared with $1,602.29 late on Thursday.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , economy , News , stock exchange , Trade



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Man found dead in Quezon City, alleged victim of summary execution–report
  • Aquino to lead Air Force turnover rites
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Marketplace