This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Asian Shares Higher As Weaker Yen Lifts Nikkei


BANGKOK (AP) â¿¿ World stock markets were mostly higher Wednesday, with Japan's Nikkei breezing to a new 10-month high as a weaker yen helped exports and traders booked profits following some strong earnings reports.

Oil prices rose to near $85 a barrel after a report showed U.S. crude supplies unexpectedly fell last week, suggesting demand may be improving. In currencies, the dollar was lower against the yen and the euro.

In early European trading, Britain's FTSE 100 rose 0.5 percent to 6,067.83. Germany's DAX was up 0.4 percent to 7,428.71 while France's CAC-40 was 0.9 percent higher to 4,145.71. Wall Street was headed for a higher opening, with Dow Jones industrial futures up 0.3 percent to 12,238 and S&P 500 futures up 0.4 percent to 1,331.30.

The Nikkei 225 stock average in Tokyo added 0.6 percent to close at 10,808.29 â¿¿ its highest level since April 30. Exporters, including electronics makers, rose as a more robust dollar hovered in the upper 83-yen range. Toshiba Corp. rose 3.2 percent, Sony Corp. was up 2.6 percent and Sharp Corp. was 2.9 percent higher.

A weaker yen raises the value of exporters' profits overseas and makes Japanese goods less expensive in foreign markets.

"There's quite a high correlation between the yen and the Nikkei," said Peter Elston, a strategist at Aberdeen Asset Management in Singapore. "The yen goes down â¿¿ that's good for exporters."

Hong Kong's Hang Seng rose 1.1 percent to 23,156.97. Mainland Chinese shares rose, led by a rally in auto, steel and machinery companies in the afternoon.

The benchmark Shanghai Composite Index gained 0.85 percent to 2,923.90, while the Shenzhen Composite Index rose 1.7 percent to 1,283.26.

Changan Autos rose 1.4 percent, while FAW Car Co. rose 1.6 percent.

"Auto company shares were buoyed by the strong sales at the end of last year, but that will not last for too long," said Wang Ren, an analyst at Ping'an Securities, in Shenzhen.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs