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Japanese Stock Market Slumps More Than 3% On Dubai Fears, Stronger Yen 74 days ago
(RTTNews) - The stock market in Japan ended sharply down on Friday taking cues from other markets across the world on concerns about financial crisis in Dubai. Investors across the world dumped high-risk stock investments and seek asylum in safe-haven government bonds. Increasing concerns about the strengthening of the local currency against the US dollar as well as deflation threats also impacted negative sentiment.
State-run Dubai World, the conglomerate that spearheaded the emirate's breakneck growth, has sought a six-month "standstill" on its $60 billion debts with all lenders. As a result of this unexpected development, major banks across the world, which had exposure in Dubai World, slumped dragging the indices across the world.
The benchmark Nikkei 225 Index slumped 301.72 points, or 3.22%, to 9,082 while the broader Topix index of all First Section issues declined 18.55 points, or 2.24%, to 811.
On the economic front, a statement released by the Ministry of Internal Affairs & Communications revealed that the unemployment rate in the country stood at a seasonally adjusted 5.1% in October, down from 5.3% in the previous month. Economists had expected the unemployment rate to rise to 5.4%. The unemployment rate stood at 3.8% a year ago.
The Ministry also revealed that Japan's general consumer prices dropped 2.5% year-on-year in October, after a 2.2% fall in prices in each of the previous three months. Core consumer prices, which excludes fresh food, dropped 2.2% in October from a year earlier, but slower than a 2.3% fall in the previous month. Economists expected a 2.4% decline. This is the eighth consecutive month that consumer prices have fallen.
In a separate statement, the Ministry of Economy, Trade & Industry revealed that retail sales in Japan dropped 0.9% year-on-year to JPY 10.83 trillion in October, slower than the 1.3% decline in the preceding month. Economists had expected sales to drop 1.6%. This marks the fourteenth straight month in which retail sales have fallen on an annual basis.
Light sweet crude oil futures for January delivery ended at $75.21 a barrel in electronic trading, down $2.75 per barrel from previous close at $77.96 a barrel in New York on Thursday.
Almost all the stocks ended in negative territory mirroring the weak sentiment prevailing across the markets in the region.
Exporters declined on additional concerns about the strengthening of the local currency against the dollar. Canon Inc. declined 2.96%, Sharp Corp. fell 4.80% and Sony Corp. lost 4.43%.
Automakers also ended sharply lower. Toyota Motor declined 2.37%, Honda Motor lost 3.80%, Mitsubishi Motor slipped 1.75%, and Suzuki Motor fell 3.75%.
Banking stocks were the major losers. Sumitomo Mitsui Financial declined 3.68%, Mitsubishi UFJ Financial shed 2.20%, Mizuho Financial lost 3.27% and Resona Holdings fell 2.67%.
In the U.S., the market was closed for Thanksgiving holiday on Thursday.
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