Tokyo stocks advance as commodities gain, strong yen weighs

19:23, August 03, 2010      

Email | Print | Subscribe | Comments | Forum 

Tokyo stocks rose Tuesday as concerns about the pace of the global economic recovery were eased by robust earnings reports from European banks and U.S. manufacturing data that came in above the markets' expectation helped lift optimism.

The 225-issue Nikkei Stock Average advanced 123.70 points, or 1. 29 percent, from Monday to 9,694.01, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 8. 49 points, or 1.00 percent, to 859.18.

Analysts said some investors were returning to riskier assets like stocks as solid earnings from HSBC Holdings and BNP Paribas in Europe, as well as better-than-expected U.S. manufacturing data, lifted the market mood, although some said uncertainty remained.

They warned that the rebound could be fragile, based mostly on short-covering and with investors wary ahead of U.S. indicators later this week, including non-farm payrolls data on Friday.

"Although the situation looks good for now, a question mark remains in the market about the outlook for the global economy," said Masaru Hamasaki, a senior strategist at Toyota Asset Management.

"Investors are trying to determine whether signs of a slowdown in the recovery are just a lull or point to a double-dip. That's why the market is struggling to keep building on gains."

Shares of trading houses gained after copper and oil prices surged on Monday to three-month highs.


【1】 【2】

(Editor:燕勐)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion