Nikkei Drives Asia Higher as Yen Extends Slide

Nikkei Drives Asia Higher as Yen Extends Slide

14 April 2016, 06:30
Roberto Jacobs

Nikkei Drives Asia Higher as Yen Extends Slide

The risk-on sentiment across the Asian markets intensified this Thursday, after a strong close on the Wall Street overnight and higher base metals’ prices. While unexpected easing by Singapore’s central bank also provided fresh impetus to the markets.

Nikkei hits 9-day high as Yen trades at weekly lows

The Japanese stocks extended the rally and remained on track for its longest advance in a year on the back of renewed weakness witnessed in the yen against the greenback, which helps underpin exports-oriented stocks. The Japanese benchmark index, the Nikkei 225 jumps nearly 3% to fresh nine-day highs of 16,861 points. Meanwhile, USD/JPY is seen consolidating the upside around 109.40, recording a 0.08% gain on the day.

The Australian markets found support from stronger domestic jobs data, with the benchmark S&P/ASX 200 index advancing +1.12% to trade at 5,111 points. The banking and commodity sector stocks were the major gainers on the index as copper held near two-week highs.

While the Chinese equities are seen defending mild gains, despite a weaker yuan fix today, as caution prevails ahead of a host of Chinese economic data due tomorrow, including the GDP figures. The benchmark Shanghai Composite index trades modestly flat. The CSI300 index rises +0.10%, while Hong Kong’s Hang Seng rallies +1.10% higher around 21,389 levels.

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