Bulletin
Investor Alert

Asia Markets Archives | Email alerts

Aug. 23, 2016, 11:22 p.m. EDT

Nikkei gains on weaker yen, as other Asian markets mixed

Japanese automakers up in early trading

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    S&P/ASX 200 Benchmark Index (XJO)
  • X
    KOSPI Composite Index (180721)

or Cancel Already have a watchlist? Log In

By Kenan Machado


Getty Images
Despite the yen’s slight weakening on Wednesday, the dollar-yen exchange rate won’t likely move much until Friday.

A weaker yen helped nudge Japan’s Nikkei higher Wednesday morning, even as traders in Asia braced for a tightening tilt from the U.S. Federal Reserve with a speech from Chairwoman Janet Yellen due Friday, contributing to the mixed equities performance elsewhere in the region.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%   traded 0.5% higher, moderating early gains made on the back of a weaker yen due to the U.S. dollar’s broad strength. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33%   added 0.1%, while the South Korea Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49%   was down 0.3%. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.09%   fell 0.6%, with the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.31%  roughly flat.

Despite the yen’s slight weakening on Wednesday, the dollar-yen currency won’t likely move much until Yellen makes her remarks in Jackson Hole, Wyo., at the Fed’s annual meeting, says Mizuho Securities Chief FX Strategist Kengo Suzuki, in a note.

Among stocks in Japan, Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -0.57%   gained 1.7% after the Japanese electronics giant said it will raise the price of its PlayStation Plus service, weeks before unveiling two new versions of its flagship videogame console. Japanese automobile stocks also rose as any tightening by the Fed would push the dollar higher, making then yen weaker and Japanese exports more competitive. Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 +1.10%   was up 1.8%, with Nissan Motor Co. Ltd. /zigman2/quotes/208298710/delayed JP:7201 -0.06%   trading 2.2% higher.

In Australia, Qantas Airways Ltd. /zigman2/quotes/205534063/delayed AU:QAN -2.40%   gained 2.5% after it reported record profits for the full fiscal year. The airline operator said it would pay an ordinary dividend of 7 Australian cents per share, its first such payment since 2009.

“Qantas remains very cheap in our view and the resumption of dividends demonstrates management’s confidence in the outlook going forward,” lender Macquarie said in a note Wednesday.

Meanwhile, oil prices were down in Asian trade early Wednesday, after the industry group American Petroleum Institute said their data showed an increase of 4.5 million barrels in U.S. crude stockpiles last week. Still, prices rose in U.S. trade Tuesday on speculation that Iran might cooperate with other global exporters to keep oil prices from falling.

Official U.S. oil data by the Energy Information Administration will be released later Wednesday to shed more light on the state of U.S. stockpiles. West Texas Intermediate crude prices were recently down 44 cents at $47.65 a barrel in Asia trade, while Brent crude prices were down 36 cents at $49.60 a barrel.

Oil-exporting Malaysia’s ringgit weakened against the U.S. dollar on Wednesday. The ringgit has been pressured of late, along with other Asian currencies, on the view the Fed is veering towards tightening. High U.S. interest rates would pull money out of Asian markets to the U.S., weakening regional currencies in the process. The dollar-ringgit pair was last at 4.0360, up from its Tuesday closing of 4.0250.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 635,474
Feb. 21, 2020 3:33p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,308.81
-300.35 -1.09%
Volume: 1.77M
Feb. 21, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,039.67
+9.52 +0.31%
Volume: 36.46B
Feb. 21, 2020 3:01p
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,479.00
-43.00 -0.57%
Volume: 4.20M
Feb. 21, 2020 3:00p
P/E Ratio
14.41
Dividend Yield
0.60%
Market Cap
¥9172.90 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,837.00
+85.00 +1.10%
Volume: 5.15M
Feb. 21, 2020 3:00p
P/E Ratio
9.06
Dividend Yield
2.81%
Market Cap
¥22156.40 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 504.10
-0.30 -0.06%
Volume: 15.83M
Feb. 21, 2020 3:00p
P/E Ratio
47.28
Dividend Yield
1.98%
Market Cap
¥1972.61 billion
Rev. per Employee
¥85.36M
loading...
/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 6.51
-0.16 -2.40%
Volume: 13.53M
Feb. 21, 2020 4:10p
P/E Ratio
12.20
Dividend Yield
4.07%
Market Cap
$9.54 billion
Rev. per Employee
$568,765
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.