Asian Stocks
Asian stocks started the week trading mixed as stocks as the weakened yen boosted nation’s stocks following the Federal Reserve Chair Janet Yellen’s comments over the weekend.
Japan
The Japanese Nikkei 225 index added 0.48%, closing at 15,613.25 points and Tokyo Topix index climbed 0.45% to 1,291.38 points.
The US dollar strengthened against the yen, buying the Japanese currency around 104.24 yen at the time of writing on speculations over the US interest rate and boosting the Japanese stocks. Shares for Toyota Motor, the world’s largest carmakers, saw the most gains on the Topix index, with shares gained 0.7% to 5,985 yen. While Apls Electric added 3.29% and Casio Computers rose 3.37%, on the downside, Chugai Pharmaceuticals lost 8.74%.
Meanwhile, the Bank of Japan Governor Haruhiko Kuroda said that the nation’s monetary policy was having a having the projected effect and Japan should consider using foreign workers to help lessen labour-force shortages.
China
Hong Kong’s Hang Seng index gained 0.31% to 25,191.86 points at the time of writing, while the Chinese benchmark Shanghai Composite fell 0.14% to 2,237.34 points.
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China Petroleum & Chemical, also known as Sinopec, saw the most gains on the Hang Seng index, with shares jumping 2.33% after the Oil and Gas Company reported a 7.5% rise in the first-half earnings. Meanwhile, loser for the session was the Chinese retail company China Resources Enterprise, as shares fell 3.19%.
The South Korean Kospi index edged 0.20% higher; to end at 2,060.89 points, while the Australian benchmark S&P/ASX 200 index slid 0.24% lower to close at 5,632.00 points.
Jackson Hole Symposium
The US Jobs market remains weak, while the interest rates could be increased sooner than expected, the Fed Chair Janet Yellen said in her speech in Jackson Hole, Wyoming over the weekend.
Yellen stated that “increases in the federal funds rate target could come sooner than the Committee currently expects and could be more rapid thereafter.” Yellen also added that the US labour market still needs to recover from the global financial crisis.
While the European Central Bank President Mario Draghi supported more stimulus as he strive to avoid deflation and improve the euro region’s economic growth.
European Stocks
European stocks opened the trading week with strong gains on Monday as investors digested ECB Draghi’s comments as Germany’s IFO business climate figures missed forecasts.
The European Euro Stoxx 50 traded 0.97% higher to 3,129.50 at the time of writing, while the German DAX index rallied 1.05% to 9,437.00. At the same time, the French CAC 40 index added 0.95%, to trade at 4,293.00. The UK FTSE 100 index is closed due to holiday.
Germany IFO
Germany, the eurozone’s strongest economy, posted figures for its IFO business climate, which came in at 106.3 points in august, compared to the previous reading of 108 points in July, while analysts were expecting 107 points.
Meanwhile, the IFO Expectations Index dropped 101.7 from 103.4 seen in the previous month and IFO Current Assessment Index came in at 111.1 points from 112.9 in July.
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