Overseas Trading: Japan Stocks Soar on Dovish Abe

Japanese Prime Minister Shinzo Abe is reportedly pushing for a larger-than-expected stimulus package

by Karee Venema

Published on Jul 27, 2016 at 8:47 AM
Updated on Jun 24, 2020 at 10:16 AM

It was a mixed finish in Asia, with Japan stocks handily outperforming their regional peers. Specifically, the Tokyo-based Nikkei jumped 1.7%, as the yen tumbled on reports Prime Minister Shinzo Abe is pushing for a larger-than-expected stimulus package -- putting to rest recent speculation to the contrary. Additionally, rumors are circulating the Bank of Japan's (BoJ) stimulus package could include 50-year bonds -- a first for the island nation. Hong Kong's Hang Seng also finished on the plus side, adding 0.4% by the close.

China's Shanghai Composite, meanwhile, slid 1.9% -- its first decline in three days -- on reports regulators may attempt to initiate tighter controls on wealth management products (WMPs). South Korea's Kospi shed 0.1%, as well.

European stocks are higher, as traders sift through the latest batch of quarterly earnings reports. Among the notable names making big post-earnings moves are French car maker Peugeot -- up roughly 8% at last check -- and German financial firm Deutsche Bank, down about 3%. At midday, the French CAC 40 is up 1.6%, the German DAX is enjoying a 0.9% lead, and London's FTSE 100 has tacked on 0.7% following a report that showed preliminary second-quarter gross domestic product (GDP) grew at a faster-than-expected clip -- ahead of the June 23 "Brexit" vote.

Overseas Trading July 27

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 


A Schaeffer's 39th Anniversary Exclusive!

8 Top Stock Picks for 2020

Access your FREE insider report before it's too late!


  
 
 

Partnercenter