Tokyo Stock Exchange rebounds after Friday debacle

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The Tokyo Stock Exchange rose sharply on Monday morning after the Nikkei plunged at the end of last week, helped by a slight recovery in the Nasdaq on Wall Street on Friday as long-term US interest rates paused.

The Nikkei star index climbed 2.06% to 29,563.64 points around 2:10 a.m. (in Switzerland), after slipping 3.99% on Friday amid concerns over rising bond yields. The extended Topix index gained 1.58% to 1893.91 points.

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“Japanese stocks are rebounding from a steep fall last week as US technology stocks” recovered on Friday, Monex’s Toshiyuki Kanayama said in a note. The New York Stock Exchange had a mixed close at the end of the week amid inflation fears, only the Nasdaq having slightly recovered from its losses the day before as the movement of rates on 10-year Treasury bills s calmed down a bit in the United States.

Chinese stock markets on the rise

The yen was stable against the dollar, at a rate of one dollar against 106.54 yen around 2:10 am against 106.57 yen on Friday at 10 pm. The Japanese currency lost some ground against the euro, which traded for 128.76 yen against 128.68 yen at the end of last week. The euro varied little against the greenback, at the rate of one euro for 1.2086 dollars against 1.2075 dollars on Friday.

The oil market was on the rise Monday morning in Asia, after stalling at the end of the week when it had reached highs in more than a year. The price of a US barrel of WTI rose 1.87% to 62.65 dollars around 2 a.m., while that of a barrel of Brent from the North Sea gained 1.8% to 65.58 dollars.

In China, the stock markets opened higher on Monday, helped by the prospects of a vast stimulus plan in the United States with a first adoption on Saturday in the House of Representatives, the first crucial step before its consideration in the Senate. In early trading, the Hang Seng index in Hong Kong gained 1.01% to 29,273.58 points. For its part, the composite index of the Shanghai Stock Exchange took 0.46% to 3525.06 points, while the place of Shenzhen was up 1.20% to 2321.21 points.

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