A calm start to the week on the stock market front, with most of the squares closed for the Easter holidays. The yen slipped on a day when Japan reported a larger-than-expected trade deficit. Japanese markets, on the other hand, were on the rise.
Japanese exports grew by just 1,8% in March, against economists' forecasts which saw a jump of 6,5%. Japanese imports rose 18% in March, pushing the trade deficit to 1,45 trillion yen. The yen weakened by 0,2% against the dollar at 12:43 in Tokyo, while losing ground against the world's major currencies. The Nikkei 225 Stock Average was up a further 0,5% after having its best weekly growth last week since last November. Squares in Hong Kong, Australia, New Zealand were closed today. MSCI Asia Pacific was little changed, while South Korean Kospi slipped 0,3 percent. The Shanghai Composite trimmed a loss as much as 0,7 percent. CSC Nanjing Tanker, the first stock to be delisted in Shanghai in seven years, plunged 9,8% at the start of last month's trading. The stock was suspended for a year after a string of losses. Another 29 companies could exit the market due to China's attempt to strengthen financial markets.
Global markets took a breather last week after US equities rebounded following a sell-off in tech stocks. Fed Chair Janet Yellen reaffirmed the central bank's commitment to meeting its targets for employment and inflation.
“The Japanese deficit is larger than expected and has pushed the yen lower,” said Marito Ueda, senior managing director of FX Prime in Tokyo. "We are moving towards a 'strong dollar' versus a 'weak yen' story as we see good data on the US economic front."
http://www.bloomberg.com/news/print/2014-04-20/new-zealand-s-dollar-climbs-while-u-s-futures-climb.html
Attachments: The Bloomberg article
