Nikkei rose despite fading hopes for China's easing

Source: Dukascopy Bank SA

Japanese stocks climbed on Monday amid rising optimism over the Eurozone's and US economies. However, speculation that China will not ease its monetary policy on alarming signs from its property market capped the upswing.  New home prices jumped in 50 out of 70 big and medium China's cities in July. The Nikkei 225 Index gained 0.10% to trade at 9,171.16. Seven out of ten industries within the index posted gains. Health care and telecommunications were the top-performers. Astellas Pharma, Daiichi Sankyo and Eisai Co soared 0.52%, 0.52% and 0.41%, respectively. Among telecommunications, KDDI added 0.53% whereas Nippon Telegraph & Telephone slid 0.79%. Oil and gas companies as well as financial institutions weighted down on the Japanese stock index. Inpex and JX Holdings sank 2.26% and 1.92% while Chiba Bank and Mizuho Financial moved lower by 0.63% and 0.76%.

 

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