Paris, France, July 02, 2016 -- News from other parts of the world lessened gains, however, as a dip in the oil sector brought inevitable losses due to falling crude prices following a recovery at Canada’s oil-sands. Devastating fires had disrupted operations last week.
It seems any U.S. Fed interest rate hike would be gradual as their employment data, released recently, offered encouraging signs for the national economy. As a result, Japans markets rose again as the yen continued to weaken.
The Japanese government again threatened to step in should the yen continue its decline with the Finance Minister parroting threats regarding direct government action in the currency market.
Steve Rogers, Director of Asset Allocation at Orix Capital Trading, emailed clients: "It’s very possible we could see the yen depreciate further in the coming week. The current level is favourable to exporters and we will see investors picking up those stocks again in the next few days."
There was some recovery in Shanghai after a 2% inflation report, while a dip in factory prices also abated. It was moderately encouraging news for the economic giant after recent reports revealed dwindling international trade.
Philippines Recovers:
On the heels of Rodrigo Duterte’s landslide election victory, Manila's stock market finished 2.7 percent up. The mood had previously been volatile as the 70-year-old tough talking Mayor of Davao City, nicknamed “The Punisher”, raised tensions with his aggressive and often profane rhetoric towards the country’s criminal element.
After investor concern over Duterte’s economic plans and exuberant campaign the nation’s shares had taken a severe blow amounting to over 4 percent in the past month, however, the peso recovered this week and gained 0.8% versus the greenback.
The situation regarding Greece and the rumours that the E.U. might be prepared to bailout the economy provided some good news in Europe, and the Greek authorities voted for extra financial reforms involving pensions and taxes.
In this morning’s trade, London, Paris and Frankfurt exchanges were all up more than 5 percent, partly due to the recovery in oil prices following favourable climatic conditions in Canada halting wildfires that had caused major logistical problems in the past week.
Contact:
Ichiro Hoshi
Orix Capital Trading
Tokyo, Japan
+81-345781539
marketing@orixtrading.com
