Asian Markets closed up on Tuesday largely led by a rise in Oil prices and a weaker.
Online PR News – 11-May-2016 – Toronto, Ontario – Baumann Group
Asian Markets Close Positive – Nikkei 225 Adds Over 2% - 11th May 2016
Asian Markets closed up on Tuesday largely led by a rise in Oil prices and a weaker Yen which helped the Nikkei 225 claw back some of the losses seen over the last 6 sessions.
The Nikkei 225 closed Tuesday over 2.15% higher as further reports from its Finance Ministers confirmed they would look at currency intervention should the Yen remain as strong as it currently is. The Japanese currency fell against the USD and EUR.
The USD/JPY rose to 109.24 with the EUR/JPY increasing to 124.24, both up almost 1% on Tuesday.
The Japanese index was also helped by Mitsubishi who are looking to compensate their customers after the fuel economy scandal that broke recently. The motor manufacturer admitted falsifying fuel economy figures for over a decade. The news saw almost $20bn fall off of the value of the company.
Inflation data out of China finally showed some strength. Inflation hit 2% in April, the global target, and reforms made in infrastructure spending and bank lending rates are possibly starting to show fruition.
Chinese indexes ended the day relatively flat, seeing marginal gains.
Major Asian Index Closes as of 10th May:
ASX 200 – 5,403.90 +16.10 (+0.30%)
Nikkei 225 – 16,565.19 +349.16 (+2.15%)
Hang Seng – 20,242.68 +85.87 (+0.43%)
SSE Comp – 2,832.59 +0.48 (+0.02%)
Asian markets are expected to continue the rally into Wednesday trading as oil prices rally and the USD continues to gain strength against the Asian currencies making exports cheaper for the region.
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