US economy contracts in Q1 '25    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Taiwan GDP surges on tech demand    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Japanese stocks rally as yen weakens on Thursday
Published in Amwal Al Ghad on 03 - 10 - 2024

Japanese stocks surged, and the yen plummeted on Thursday as investors reduced bets on further monetary policy tightening this year. Meanwhile, the recent surge in Hong Kong's stock market took a breather.
The euro also suffered significant losses as market participants increased expectations that the European Central Bank (ECB) would cut interest rates at both its October and December meetings.
MSCI's broadest index of Asia-Pacific shares outside Japan fell one per cent, while Japan's Nikkei index soared 2.2 per cent as a weaker yen boosted prospects for Japanese exporters.
The dollar gained another 0.3 per cent against the yen, reaching its highest level in a month. This followed comments from Japan's newly elected Prime Minister, Shigeru Ishiba, who stated that the country was not prepared for additional rate hikes after a meeting with the central bank governor, Kazuo Ueda.
Ueda emphasised that the central bank would proceed cautiously in deciding whether to raise interest rates. Asahi Noguchi, a dovish member of the Bank of Japan's policy board, echoed this sentiment, urging the central bank to maintain loose monetary conditions.
Futures markets currently imply less than a 50 per cent chance of the Bank of Japan raising interest rates by 10 basis points by December. Moreover, interest rates are expected to reach only 0.5 per cent by the end of next year, up from the current 0.25 per cent.
In other Asian markets, China's mainland markets were closed for a holiday, while Hong Kong's Hang Seng index lost 2.5 per cent after a 6.2 per cent surge the previous day.
The benchmark index remained up a staggering 30 per cent in just three weeks, following China's announcement of a series of stimulus measures to revive its faltering economy.
In the foreign exchange market, the euro weakened to $1.1040, just above key support at $1.10. This level was last seen on September 12.
Oil prices rose on concerns that the escalating conflict in the Middle East could threaten oil supplies from the world's top producing region. Brent crude futures increased 1.1 per cent to $74.68 a barrel. Gold prices hovered near a record high of $2,655.90 an ounce.
Attribution: Reuters
Subediting: M. S. Salama


Clic here to read the story from its source.