Japan market summary for Monday (Dec. 10)
Nikkei 225 Stock Average: -31.98 (-0.2%) to 15,924.39; first decline in 4 sessions
Nikkei 225 futures Osaka: -50 (-0.3%) to 15,890, Singapore (SGX) -40 (-0.25%) to 15,875, Chicago (CME) *12/07 -80 (-0.5%) to 16,010
TOPIX: -3.25 (-0.2%) to 1,558.51; Advancers 696 x decliners 929 (unch. 101), New highs 12 x new lows 4
Nikkei Jasdaq: +1.89 (+0.1%) to 1,768.25
Yen: weakened 0.3% against the US$ to the 111.55-60 level late in Tokyo; weakened by 0.7% against the euro to the 163.65 level
Notes: As stated in this week’s Nikkei Outlook, there are a number of key events and data releases that are going to weigh heavy on stocks, with the first being October machinery orders (more details below).
Although the Nikkei gapped up about 50 points above 16,000, further upside was limited and it traded as low as 15,826 intra-day, with a modest late rally to recoup some losses.
Part of the reason for the bullish open was the report of a 12.7% increase in October machinery orders, compared to a 7.6% drop in Sept. and economist expectations of a rise of between 6.2% – 7.3%, attributable to record export growth to China and Europe.
This seems to bode well for the large companies segment reading of the Bank of Japan’s forthcoming tankan (Friday), although the consensus outlook is for a deterioration of confidence for obvious reasons.
MOTHERS -1.2%, HERCULES -0.8%
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