Asia Markets Mixed as Markets Await Japan Stimulus
The rally in Asian markets lost momentum today as investors await the Bank of England's interest rate decision at noon London time (7:00 a.m. in New York).
Markets are also anticipating the details of Japan's new stimulus program.
In Tokyo, the Nikkei 225was 0.95% up at 16,385.89 and the Topix was at 1,311.16 gaining just 0.84%.
The yen weakened against the dollar with ¥105.70 buying one dollar.
Former Federal Reserve chief Ben Bernanke was reported to have met with leaders in Tokyo this week. It is expected that Bernanke discussed so-called helicopter money, which involves the central bank directly funding government spending. It is reported that Bernanke has previously discussed the idea with one of Japan's Prime Minister Shinzo Abe's advisers.
Shares in Nintendo (NTDOY) once again jumped due to the runaway success of the company's new augmented reality mobile game Pokemon Go. Shares were up 15.9% in Tokyo in Thursday's session. The shares have jumped 55% since Friday, when the game was released.
Uniqlo owner Fast Retailing (FRCOF) lost 1.7% on Thursday after issuing a profit warning. The retailer today said that it expects net profit for the year to August to fall ¥45 billion ($426.3 million) from ¥60 billion. The company had previously issued a profit warning in April.
In Hong Kong, the Hang Seng closed up 1.12% at 21,561.06.
On mainland China, CSI 300 closed down 0.19% at 3,276.76.
Trading in Singapore's exchange was suspended in morning trading. The halt was caused by a technical fault that duplicated trade confirmation messages.
The pound strengthened against the dollar and was recently 0.49% higher at $1.3211. The Bank of England today will make its first interest rate decision since the Brexit vote on June 23. It is expected that the central bank will cut interest rates for the first time since March 2009.
Yesterday, new Prime Minister Theresa May was appointed and she began to appoint her government. Philip Hammond was appointed chancellor of the exchequer, or finance minister, to replace George Osborne. Hammond said today that there would be no emergency Brexit budget and said that Bank of England Governor Mark Carney was doing a great job.
West Texas crude intermediate was up 1.45% at $45.40 and Brent Crude was up 1.19% at $46.81 a barrel.
Dow Jones Industrial mini futures were recently up 0.59% and S&P mini futures were recently up 0.55%.