Aug 29


  • BY: Nati
  • August, 29th, 2013 7:18 +00:00

Japanese shares gained ground in this session after hitting an eight week low yesterday. The Index is still down over 10% off highs made in May. Yoshihisa Morimoto, a member of Bank of Japan’s Policy Board, says withdrawing investment funds from emerging markets will have a knock on effect on the wider economy. In recent weeks we’ve seen the Turkish Lira and the Indian Rupee trade at record lows against the USD. Japanese Consumer Price Index figures, which are expected to improve, will be released tonight along with unemployment figures. Unemployment in Japan stands at 3.9% and this is expected to remain unchanged.

The NIKKEI closed at 13459.71 up 121.25 points or 0.91%

Europe sees a lot of financial data released today, including Italian consumer confidence survey results, Swedish retail sales figures, French business climate index results, Spanish GDP figures, Belgian consumer price index and German unemployment change. UK Prime Minister, David Cameron, has met opposition in the House of Commons on proposed military intervention plans in Syria. Oil prices spiked yesterday amid expectations that proposed military action could have a destabilizing effect in the Middle East. CABLE was trading at 1.5507 with a high of 1.5547 and a low of 1.5498 so far.

The FTSE100 closed at 6430.06 down 10.91 points or minus 0.17% while the DAX closed at 8157.90 down 84.66 points or minus 1.03%

Data released from the US today includes GDP figures, consumer spending and initial jobless claims figures. Syrian unrest also is a major point of interest in the US today. President Barack Obama made a case for intervention in the region citing national security interests rather than humanitarian grounds, saying the Government forces of Bashar al-Assad faces international consequences. UN inspection teams remain on the ground, although Russia has voiced their objection to UN, or outside, military intervention. EUR/USD was trading at 1.3274 with a high of 1.3342 and a low of 1.3263 so far.

The DOW closed at 14824.50 up 48.38 points or 0.33%

Have a nice day.