Japanese and Australian stock futures rose as fewer people than estimated applied for jobless benefits in the U.S. and after the yen weakened.
American depositary receipts of Canon Inc., the world’s largest camera maker, jumped 1.8 percent from the closing share price in Tokyo after the company announced a share buyback plan. Those of Sekisui House Ltd., Japan’s largest homebuilder, climbed 2.2 percent after the company raised its profit forecast. ADRs of Telstra Corp., Australia’s largest telephone company, advanced 0.5 percent.
Futures on Japan’s Nikkei 225 Stock Average expiring in December closed at 9,095 in Chicago yesterday, compared with 9,035 in Singapore. They were bid in the pre-market at 9,100 in Osaka, Japan, at 8:05 a.m. local time. Futures on Australia’s S&P/ASX 200 Index gained 0.4 percent today. New Zealand’s NZX 50 Index was little changed Wellington.
“Recovery in corporate earnings in the U.S. is driving an increase in employment in the private sector,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Concern about the economy has eased.”
Futures on the Standard & Poor’s 500 Index climbed 0.3 percent. In New York, the index rose 0.5 percent to 1,104.18 as a bigger-than-estimated decrease in jobless claims bolstered optimism in the economic recovery.
Trade Deficit
Initial claims for unemployment benefits in the U.S. dropped by 27,000 to 451,000 last week, Labor Department figures showed yesterday, trailing the median estimate of 470,000 in a Bloomberg survey of economists. The trade deficit shrank 14 percent, the most since February 2009, to $42.8 billion, Commerce Department figures showed yesterday. Economists forecast a deficit of $47 billion, according to the survey median. Exports rose 1.8 percent to $153.3 billion, a two-year high.
The MSCI Asia Pacific Index has increased 0.9 percent in 2010, compared with a drop of 1 percent by the S&P 500 and a gain of 4.4 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.9 times estimated earnings, compared with 13.3 times for the S&P and 11.9 times for the Stoxx.
The yen depreciated to 83.98, compared with 83.64 against the dollar at the close of stock trading in Tokyo yesterday. Against the euro, Japan’s currency weakened to 106.54 from 106.16. The weaker yen boosts the value of sales generated overseas in local terms for Japanese companies.
The Baltic Dry Index, a measure of shipping costs for commodities, rose for nine consecutive days yesterday. Crude oil for the October contract increased as much as 0.7 percent to $74.75 a barrel in electronic trading on the New York Mercantile Exchange today.
Japan’s Cabinet Office is scheduled to announce revised figures for the nation’s gross domestic product in the second quarter at 8:50 a.m. in Tokyo. The median estimate of 21 economists surveyed by Bloomberg News was for 1.5 percent growth, compared with the 0.4 percent expansion reported in preliminary figures last month.
To contact the reporters for this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.
http://learn-forex4trading.blogspot.com
American depositary receipts of Canon Inc., the world’s largest camera maker, jumped 1.8 percent from the closing share price in Tokyo after the company announced a share buyback plan. Those of Sekisui House Ltd., Japan’s largest homebuilder, climbed 2.2 percent after the company raised its profit forecast. ADRs of Telstra Corp., Australia’s largest telephone company, advanced 0.5 percent.
Futures on Japan’s Nikkei 225 Stock Average expiring in December closed at 9,095 in Chicago yesterday, compared with 9,035 in Singapore. They were bid in the pre-market at 9,100 in Osaka, Japan, at 8:05 a.m. local time. Futures on Australia’s S&P/ASX 200 Index gained 0.4 percent today. New Zealand’s NZX 50 Index was little changed Wellington.
“Recovery in corporate earnings in the U.S. is driving an increase in employment in the private sector,” said Juichi Wako, a senior strategist at Tokyo-based Nomura Holdings Inc. “Concern about the economy has eased.”
Futures on the Standard & Poor’s 500 Index climbed 0.3 percent. In New York, the index rose 0.5 percent to 1,104.18 as a bigger-than-estimated decrease in jobless claims bolstered optimism in the economic recovery.
Trade Deficit
Initial claims for unemployment benefits in the U.S. dropped by 27,000 to 451,000 last week, Labor Department figures showed yesterday, trailing the median estimate of 470,000 in a Bloomberg survey of economists. The trade deficit shrank 14 percent, the most since February 2009, to $42.8 billion, Commerce Department figures showed yesterday. Economists forecast a deficit of $47 billion, according to the survey median. Exports rose 1.8 percent to $153.3 billion, a two-year high.
The MSCI Asia Pacific Index has increased 0.9 percent in 2010, compared with a drop of 1 percent by the S&P 500 and a gain of 4.4 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.9 times estimated earnings, compared with 13.3 times for the S&P and 11.9 times for the Stoxx.
The yen depreciated to 83.98, compared with 83.64 against the dollar at the close of stock trading in Tokyo yesterday. Against the euro, Japan’s currency weakened to 106.54 from 106.16. The weaker yen boosts the value of sales generated overseas in local terms for Japanese companies.
The Baltic Dry Index, a measure of shipping costs for commodities, rose for nine consecutive days yesterday. Crude oil for the October contract increased as much as 0.7 percent to $74.75 a barrel in electronic trading on the New York Mercantile Exchange today.
Japan’s Cabinet Office is scheduled to announce revised figures for the nation’s gross domestic product in the second quarter at 8:50 a.m. in Tokyo. The median estimate of 21 economists surveyed by Bloomberg News was for 1.5 percent growth, compared with the 0.4 percent expansion reported in preliminary figures last month.
To contact the reporters for this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net.
http://learn-forex4trading.blogspot.com
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