Tokyo (awp/afp) – The Tokyo Stock Exchange rebounded at the opening on Wednesday after gains on Wall Street and a decline in oil prices the day before, investors continuing to watch for China where the absence of new stimulus measures dampened market expectations.
In Tokyo, the flagship Nikkei index gained 1.07% to 39,352.41 points around 00:40 GMT. The broader Topix index gained 0.40% to 2,709.90 points.
The Japanese markets followed suit on the New York Stock Exchange, where investors increased their purchases on the cheap after a start to the week in the red, in a market further relieved by the fall in oil prices.
In the absence of an Israeli attack on Iran at this stage, and against a backdrop of disappointments over the recovery in China – a major consumer of crude oil – oil prices ended sharply lower on Tuesday. They tried to recover at the start of Asian trade: around 00:15 GMT, a barrel of American West Texas Intermediate (WTI) rose 0.49% to $73.95.
Three weeks before early elections in Japan and “as the country enters the campaign, the Tokyo Stock Exchange will focus more on the fluctuations of the yen and the actions of companies that are very sensitive to national economic policies”, underlines Kosuke Oka. , from Monex Securities.
Investors in Asia should also watch carefully for the opening of Chinese markets, following lackluster performances.
Contrary to the enthusiastic expectations of the market, the powerful Chinese planning agency finally unveiled no new large-scale recovery plan on Tuesday, ten days after the announcement of measures to support the economy which immediately caused the stock markets to jump.
In mainland China, where the stock markets reopened on Tuesday after a week of holidays, the Shanghai composite index ended up 4.59%, largely moderating its gains after having soared by 10% at the opening. .
The Hong Kong Stock Exchange, which remained open last week and had been very strongly boosted by the announcement of Beijing’s first stimulus measures, plunged more than 9% on Tuesday, the likes of which had never been seen in 16 years, with investors disappointed. choosing to reap profits.
“The bar is now high enough for us to see further exceptional progress” in Chinese markets, after “catch-up gains following the holidays”, underlines Shivaan Tandon, analyst at Capital Economics.
He points to “the risk of a decline”: “like many stock market increases observed in the past in China, (the recent surge) was fueled by investors’ enthusiasm for a policy more favorable to growth and measures of the central bank facilitating cheap financing for stock purchases But previous announcements by policymakers have not been sustainable,” he warns.
“To restore investor confidence, the authorities will need to offer more substantial fiscal support and more details on its implementation” and even in the event of possible additional support measures, “it is not certain that this will be enough to relaunch the stock market rally or achieve the essential rebalancing of the economy in favor of consumption”, notes Mr. Tandon.
On the foreign exchange market, the Japanese currency weakened slightly around 12:40 a.m. GMT, to 148.05 yen per dollar, compared to 148.22 yen on Tuesday around 6:30 p.m. GMT.
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