Overseas Trading: Nikkei Extends Win Streak; Oil Boosts Europe

Japan's Nikkei extended its winning streak to four on a weaker yen, while rising crude futures are pushing stocks in Europe higher

May 12, 2016 at 8:42 AM
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Asian stock markets traded mostly lower on Thursday, pressured by Wednesday's sell-off on Wall Street. In China, the Shanghai Composite pared early losses thanks to news of a $724 billion infrastructure project from the government, settling essentially flat. Elsewhere, Hong Kong's Hang Seng fell 0.7%, and South Korea's Kospi dipped 0.1%.

Japan's Nikkei outperformed its peers again, though, gaining 0.4% for its fourth straight win. Driving stocks was a weaker yen, after Bank of Japan (BoJ) Governor Haruhiko Kuroda said the central bank "can still ease [its] monetary policy substantially," if necessary. Among individual stocks, automaker Nissan traded lower after it said it expects to buy a 34% stake in sector peer Mitsubishi Motors. 

Elsewhere, stocks in Europe are enjoying gains amid rising oil prices. Traders are also reacting favorably to the Bank of England's (BoE) decision to leave interest rates unchanged. However, large-cap financial stocks -- such as UBS and Credit Suisse -- suffered heavy losses. France's CAC 40 was leading the way higher at last glance, rising 1%. Germany's DAX is up 0.6%, and London's FTSE 100 has gained 0.4%. 

Overseas Markets May 12

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