Market Report - Nikkei Ends Higher on Yen Plan - Banking Put

Market Report - Nikkei Ends Higher on Yen Plan

In today's market report... Asian markets reclaimed early losses Friday, after the Nikkei rebounded on news of a government plan to combat the strong yen. Overall sentiment remained wary ahead of a speech by the US Federal Reserve Chairman, while overall, markets in Tokyo, Hong Kong and Australia declined for a third straight week. Tokyo stocks recovered ahead of a press conference by the Japanese prime minister to outline measures to cap the yen's rise after the currency hit a 15-year peak. The Nikkei's turnaround boosted other markets, particularly Australia and Taiwan, while banking stocks provided support. Sydney's All-Ordinaries and the Taipei's TAIEX added about 0.4 (four tenths of a percent) percent each. Shares of ICBC and Bank of China rose in Hong Kong on strong first-half earnings, but trading on the Hang Seng was flat at midday. South Korean consumer technology shares fell on worries that US quarterly growth figures due later on Friday would be worse-than-expected, although the benchmark KOSPI ended near flat on the day.

View Count: 0 Date: August 27, 2010

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