Nikkei Leads Recovery in Asia From Monthly Lows
The stocks on the Asian bourses set-off the week on the weaker note,
tracking a softer close on the Wall Street last Friday and weekend’s
poor Chinese dataflow, which weighed down on the risk sentiment.
Although over the last hour, most major Asian markets, barring China,
have taken on the recovery mode, with Japan’s lead from the front, after
reports hit the wires that Japan’s PM Abe may put-off sales-tax hike,
while he backed the case for more fiscal stimulus in a bid to spur
demand. However, Japan chief cabinet secretary Suga’s quickly dismissed
PM Abe sales tax hike delay comments published earlier today by the
Japanese media.
Further, markets appear to move past poor Chinese data dump as higher
oil prices combined yen’s relative weakness continue to keep the
sentiment buoyed.
Nikkei consolidates the upside on sales tax delay news
Meanwhile, the Japanese benchmark index, the Nikkei 225 rallies +1.04%
to 16,583 points, as the USD/JPY pair rises 0.26% to test 109 handle
amid improving risk appetite. Australia’s ASX 200 index advances 0.66%
to 5,364 points.
While the Chinese equities trade largely mixed, with the benchmark
Shanghai Composite index dropping -0.27% to 2,820, the CSI300 index
slips -0.17%, while Kong’s Hang Seng jumps +1.18%.
