Nikkei closed above 9,000 on stimulus hopes

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Source: Dukascopy Bank SA
© Scanpix/AP
Japanese equities extended previous gains on Friday on mounting hopes that the Bank of Japan will ease its monetary policy to stimulate faltering economy. Encouraging news from the US manufacturing sector as well as weaker Yen also boosted Japanese stocks. However, hints that the POBC is not going to provide large stimulus capped the upswing. The Nikkei 225 Index climbed by 0.22% to end the week above 9,000 at 9,002.68. A half of the sectors within the index climbed. The top-gainers were industrials and technology companies. Daikin Industries, Ebara and FANUC jumped 4.16%, 1.85% and 3.91%, respectively. Technology firms also advanced despite weak results of American counterparts. NEC soared by 10.48% after unexpectedly revising up its half-year profit forecast. The company raised its net income estimate from a net loss of JPY24 billion to a gain of JPY8 billion. Sending Japan's stock index lower, telecommunications and health care companies dropped 0.65% and 0.63%. Nippon Telegraph & Telephone slid 0.13% while Astellas Pharma and Chugai Pharmaceutical sank 1.02% and 0.59%
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Fri, 19 Oct 2012 12:15:06 GMT

U.K. budget deficit lower than expected

The Office for National Statistics reported on Friday that budget deficit of the U.K. was lower than expected. Budget deficit excluding support for banks declined to £12.809 billion, which is approximately $20.5 billion, compared to a budget deficit of £13.501 billion a year earlier. The figure for the last month is the lowest September's reading since 2008. Economists, however, expected that it would be equal to

Fri, 19 Oct 2012 10:44:33 GMT

US blue chips inched down; technology firms led losses

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