Overseas Trading: Tokyo Stocks Sink as Yen Gains Ground

A strengthening yen put the pressure on exporters in Japan

by Karee Venema

Published on Sep 28, 2016 at 8:45 AM

It was a mostly lower finish in Asia, as declining oil prices weighed on stocks. Japan's Nikkei lagged its regional peers, shedding 1.3% as a strengthening yen pressured exporters and financial shares sold off. Additionally, a number of Tokyo-based stocks went ex-dividend today, which helped accelerate losses on the index.

The bearish bias was felt elsewhere in the region, too, with South Korea's Kospi losing 0.5% and China's Shanghai Composite surrendering 0.3%. Hong Kong's Hang Seng managed to keep its head above water, though, tacking on 0.2%, despite a lackluster trading debut for lender Postal Savings Bank of China Co.

European markets are higher at midday, as a rebound in embattled lender Deutsche Bank -- which said it has sold its London-based insurance division -- sparks a rally in bank stocks. Brent crude futures are also on the rise, ahead of a highly anticipated meeting of global oil producers in Algeria. At last check, the French CAC 40 is up 1.2%, the German DAX is 1.1% higher, and London's FTSE 100 is flirting with a 1% lead.

overseas trading september 28

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