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Budget News

  • Japan Nikkei ends in green as buybacks offset global recession woes
  • August 16,2019  11:55
  • Headline shares of the Japan share market closed marginally higher on Friday, 16 August 2019, as mounting concerns about a global recession offset by buying back issues oversold a day earlier. At closing bell, the 225-issue Nikkei Stock Average rose 13.16 points, or 0.06%, to 20,418.81, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 1.44 points, or 0.1%, at 1,485.29.

    Total 21 sub-indexes out of 33 sub-indexes of Topix index industry category retreated into positve territory, with Securities & Commodities Futures, Real Estate, Construction, Mining, and Oil & Coal Products issues being notable gainers, while Insurance, Rubber Products, Nonferrous Metals, and Air Transportation issues were notable losers.

    Investors chased for bottom fishing after the Tokyo stocks slid to a six-month low on Thursday, as the political crisis in Hong Kong exacerbated broader worries about global economic growth. The spreading demonstrations in Hong Kong have begun to weigh on the region's economy and added a new wrinkle to U.S.-China tensions, with U.S. President Donald Trump sending a tweet warning against Chinese military intervention in the restive city.

    Meanwhile, investors continue monitoring developments on the U.S.-China trade front. US President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short. China has promised to retaliate against the United States if Washington imposes additional tariffs on its products on September 1. A brief statement released by the State Council's customs tariff commission on Thursday said China would have no alternative but to take countermeasures. It said the threat to impose 10 per cent tariffs on US$300 billion of Chinese imports ran against the consensus reached by US President Donald Trump and his Chinese counterpart Xi Jinping when they met in Japan in late June. The warning came after Trump appeared to link the outlook for trade talks with China to a resolution of the Hong Kong protests and suggested another meeting with Xi.

    CURRENCY NEWS: The yen softened against the US dollar on Friday. The Japanese yen traded at 106.20 against the dollar after a volatile session yesterday that saw seeing highs below 106.0.

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