Overseas Trading: Surging Yen Sinks Japan Stocks

The Japanese yen posted its biggest one-day percentage gain against the U.S. dollar since late June

by Karee Venema

Published on Jul 26, 2016 at 8:48 AM

Most Asian markets finished higher today, amid a rally in telecommunications and casino stocks. At the close, China's Shanghai Composite was up 1.1%, Hong Kong's Hang Seng added 0.6%, and South Korea's Kospi tacked on 0.8% as second-quarter gross domestic product (GDP) accelerated in line with the consensus estimate.

Japan's Nikkei was a notable laggard, however, slumping 1.4%. Pressuring Tokyo stocks was a surging yen -- which jumped by its highest one-day percentage against the U.S. dollar since the "Brexit" vote -- as media reports from the Nikkei suggested the Bank of Japan (BoJ) will unveil a lower-than-expected stimulus package this Friday.

European benchmarks are mixed at midday, as traders digest a fresh round of corporate earnings reports and Anheuser Busch Inbev SA's increased buyout bid for the U.K.'s SABMiller plc. Among the notable names in the earnings spotlight is energy firm BP, with the shares sinking in the wake of disappointing quarterly results. At last check, the German DAX is up 0.3% and London's FTSE 100 is 0.2% higher, while the French CAC 40 is 0.02% below breakeven.

Overseas Trading July 26

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