Tokyo has surfed on the hopes of a soon more lenient Fed

Tokyo has surfed on the hopes of a soon more lenient Fed
Tokyo has surfed on the hopes of a soon more lenient Fed

Tokyo (awp/afp) – Returning from a long four-day weekend in Japan, the Tokyo Stock Exchange rose on Tuesday, boosted like Wall Street the day before by the return of hopes of a reduction in Reserve rates federal government (Fed) this year.

The flagship Nikkei index gained 1.57% to 38,835.10 points while the broader Topix index rose 0.65% to 2,746.22 points.

The latest monthly US employment figures, published at the end of last week, showed a slowdown in the job market in the United States, which is what the Fed is looking for to slow down the economy and inflation.

Optimistic comments from several members of the Fed on Monday also reinforced speculation of a first reduction in its key rates in September.

The Hong Kong Stock Exchange was down (-0.5% around 07:00 GMT), the victim of profit-taking after ten sessions of gains in a row, its longest positive series since 2018.

Sony weighed down by its potential takeover of Paramount

Sony was shaken (-2.9%) as the probability of its acquisition for around $26 billion of the American Paramount Global, in partnership with the investment fund Apollo, increased after the expiration at the end of last week of a period of exclusive negotiations between Paramount and another candidate for its takeover, the production company Skydance.

For now, the joint Sony-Apollo offer has only been reported by media outlets citing sources close to the matter. Asked Tuesday by AFP, the group declined any comment on the subject.

Investors are worried about the weight of this potential takeover on Sony’s finances, because the amount mentioned in the press – $26 billion – exceeds the level of liquidity available to the Japanese group, underlined Yugo Tsuboi, strategist at Daiwa Securities. .

Wait-and-see oil

The dollar rose against the yen, at a rate of one dollar to 154.39 yen around 06:50 GMT against 153.92 yen on Monday at 21:00 GMT.

The European currency climbed to 166.15 yen against 165.76 yen the day before, but its price against the greenback was almost unchanged, at one euro for 1.0762 dollars against 1.0769 dollars on Monday at 9:00 p.m. GMT.

The oil market advanced very moderately, pending new talks in Cairo to try to secure a new truce between Israel and the Palestinian Islamist movement Hamas in the Gaza Strip.

Around 06:45 GMT the barrel of American WTI gained barely 0.1% to 78.56 dollars and the barrel of Brent from the North Sea increased by 0.12% to 83.43 dollars.

etb/abx

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