Japanese stocks soared today (December 24th) after Wall Street ended on a record closing-high yesterday after the release of data showing the US economy grew by five per cent in the last quarter, which exceeded the previous forecast of 3.9 per cent.
The broader Topix gained 0.9 per cent to 1,425.18, while the JPX-Nikkei Index 400 advanced 0.8 per cent to 12,946.84.
Yesterday, the Dow Jones closed above 18,000 for the first time ever and the S&P 500 also hit a record high, after the US economy grew at its fastest pace since 2003. The US Commerce Department said the results are due to strong consumer and business spending.
This data confirmed the US economy is on track to a steady recovery and gave credence to the Fed's statement that the central bank will likely raise interest rates after April 2015.
Learn about the Asian markets and CFD trading at City Index.
StoneX Financial Ltd (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.