Japan stocks up while Australian shares end flat
City Index May 2, 2011 10:08 PM
<p>Most of the Asian markets were up or relatively flat today with the Japanese Nikkei Index up more than 1 per cent. The Hong Kong […]</p>
Most of the Asian markets were up or relatively flat today with the Japanese Nikkei Index up more than 1 per cent. The Hong Kong market was closed for public holiday.
Japanese stocks rose on the back of positive lead from Wall Street over the weekend, with U.S. companies reporting better than expected earnings. The news of Al-Qaeda leader Osama Bin Laden death seems to have a muted effect on the market with no dramatic rise or fall in any of the markets today.
“The death of bin Laden eases some concern, but its’ hard to imagine it’ll lead to a reduction of risk in the Middle East and so the market’s reaction may be transitory”, said Koichiro Nishio, a market analyst in Tokyo at SMBC Nikko Securities Inc. “The recovery of demand in the U.S. and other developed countries means a better environment for earnings”.
Toyota Motor Corp, threle world’s largest carmaker, and Sony Corp, Japan’s biggest electronics exporter, advanced at least 2%. Komatsu Ltd, the world’s No. 2 manufacturer of construction equipment, gained 2.8% after rival Caterpillar Inc. Posted earnings that beat estimates.
In Australia, the All Ords Index was in negative territory for most of the day and finished flat while the Australian dollar held on to its 1.0900 level. Mining and resources stocks pushed the overall equity index for most of the day.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.