Wednesday 6 November 2013

ASIAN MARKETS MIXED AS WEAKER YEN BOLSTERS TOKYO

Asia stock markets were mixed on Wednesday as the weaker yen gave Japanese stocks a boost while traders in Hong Kong mostly sat on the sidelines ahead of key economic data at a Communist Party policy meeting starting at the weekend. 

The meeting is expected to shed light on the future direction of Chinese economic policy. 

The benchmark Nikkei 225 index closed up 111 points at 14,337 in Tokyo while the Hang Seng reduced 2 points at 23,036.

Nissan recovered 2% after Tuesday's 10% tumble after it slashed its full-year earnings guidance. 

Traders also eagerly anticipated Toyota's earnings. The car giant said quarterly profit soared 70% as it continues to reduce costs and the weaker yen boosted its earnings. It also raised its earnings forecast. 

Elsewhere Fast Retailing slipped 0.8% after it said same-store sales at its Uniqlo causal clothing chain dropped 13.8% in October as the warmer than normal weather and typhoons put off shoppers.

Industrial robot maker Fanuc rose 1.5% while heavyweight mobile operator SoftBank declined 2.1%. Kyocera firmed 1.3%.

Source: LiveCharts

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