Stock Market Rebounds on Wall Street’s Rise: Tokyo Stock Exchange and New York Stock Exchange Recover

2023-10-05 01:39:15

The Tokyo Stock Exchange rebounded on Thursday, October 5 in the morning following five sessions in the red, encouraged by the rise on Wall Street the day before in the wake of lower-than-expected American employment data and a decline in American bond rates. After falling the day before to its lowest since mid-May, the flagship Nikkei index rose 0.66% to 30,728.28 points around 01:00 GMT. The broader Topix index regained 0.95% to 2,239.98 points.

The New York Stock Exchange started to rise once more on Wednesday following the publication of the ADP report showing a number of job creations much lower than expected, giving hope for the end of monetary tightening by the American Central Bank (Fed). “Good news is bad, and vice versa, as markets navigate the Fed’s path”commented Stephen Innes in a note from SPI Asset Management.

Rail green light for Hitachi

The Japanese Hitachi (+1.8%) received the green light from the British competition authority (CMA) on Wednesday for the purchase for an amount of 1.7 billion euros of the railway signaling activities of French Thales , following the Japanese group agreed to make certain sales to remedy London’s concerns.

Accord Toyota-LG

The world’s leading automobile manufacturer Toyota (+3.2%) and South Korean LG announced on Wednesday the signing of an agreement for the supply by LG to Toyota of battery modules which will be used from 2025 in electric vehicles of Toyota assembled in North America. The Japanese manufacturer has set itself the objective of selling 1.5 million 100% electric vehicles in 2026 and 3.5 million by 2030.

Rise of the yen

The yen rose once morest the dollar, which was worth 148.38 yen around 01:10 GMT once morest 149.12 yen on Wednesday at 21:00 GMT. The euro also fell to 156.17 yen once morest 156.64 yen the day before, and was worth 1.0527 dollars once morest 1.0504 dollars on Wednesday.

Oil was progressing: around 01:00 GMT the barrel of American WTI rose 0.31% to $84.48 and that of Brent from the North Sea rose 0.36% to $86.12.

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