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Japanese Stock Futures Australian Shares Decline as Yen Jumps to Record
Post on: 2011-11-02 By: admin
Australian shares fell and Japanese
stock futures declined as the yen rose to a record ahead a
Federal Reserve meeting this week that economists forecast will
keep U.S. interest rates unchanged near zero.
American depositary receipts of Honda Motor Co., Japan’s
second-largest carmaker by market value, fell 1.3 percent from
the closing share price in Tokyo. Those of Sony Corp. (6758), Japan’s
No. 1 exporter of consumer electronics, slid 0.8 percent. Rio
Tinto, the world’s second-biggest mining company by sales, fell
1.5 percent in Sydney.
Futures on Japan’s Nikkei 225 (NKY) Stock Average expiring in
December were bid in the pre-market at 9,030 in Osaka at 8:05
a.m. local time. That was down from the closing level of 9,060
in Chicago and 9,050 in Osaka on Oct. 28. Australia’s SP/ASX
200 Index slid 0.8 percent today. New Zealand’s NZX 50 Index
added 0.4 percent in Wellington.
“People will be a little bit hesitant ahead of news flow
out of the U.S. this week,” said Angus Gluskie, who manages
more than $350 million at White Funds Management in Sydney.
“The first part of this week, the market will be relatively
flat and they will be waiting to see where data will turn before
a stronger trend takes hold.”
Futures on the StandardPoor’s 500 Index fell 0.5 percent
today. In New York, the index was little changed on Oct. 28,
rising 3.8 percent last week.
Yen Rises
The MSCI Asia Pacific Index declined 9.5 percent this year
through Oct. 28, compared with a 2.2 percent gain by the SP 500
and a 9.7 percent drop by the Stoxx Europe 600 Index. Stocks in
the Asian benchmark are valued at 12.6 times estimated earnings
on average, compared with 12.9 times for the SP 500 and 10.8
times for the Stoxx 600.
The yen rose to a record against the dollar and climbed
versus the euro as traders speculated Japan’s officials are wary
of selling the local currency in a bid to support the nation’s
exporters.
Japan’s currency topped the previous record set last week
after the Bank of Japan added 5 trillion yen ($66 billion) to an
asset-purchase program.
The yen rose as much as 0.6 percent to 75.35 per dollar, a
post World War II record, before trading at 75.68 at 6:35 a.m.
in Tokyo from 75.82 in New York on Oct. 28. The Japanese
currency climbed 0.2 percent to 107.07 per euro. A higher yen
reduces the value of overseas earnings for Japan’s exporters
when repatriated into the local currency.
The Thomson Reuters/Jefferies CRB Index of raw materials
fell 0.4 percent on Oct. 28.
To contact the reporter on this story:
Yoshiaki Nohara in Tokyo at
ynohara1@bloomberg.net
To contact the editor responsible for this story:
Nick Gentle at
ngentle2@bloomberg.net.
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Article original from: http://www.bloomberg.com/news/2011-10-30/japanese-stock-futures-australian-shares-decline-as-yen-jumps-to-record.html
