Tokyo resumes reassured about the US economy

The Nikkei star index, which had dropped nearly 1.6% on Wednesday, closed at 29,499.28 points. The Topix extended index returned 0.33% to 2,025.69 points.

The Tokyo Stock Exchange ended Thursday up 0.67%, the day after substantial losses, encouraged in particular by positive US indicators and the persistence of the downward trend of the yen against the dollar.

The Nikkei star index, which had dropped nearly 1.6% on Wednesday, closed at 29,499.28 points. The Topix extended index returned 0.33% to 2,025.69 points.

A series of indicators released on Wednesday gave an overall positive picture of the US economy, with weekly jobless claims at their lowest for 52 years and an acceleration in household consumption in October.

Wall Street, which generally sets the tone for the next day in Tokyo, also seemed to get used to the increasingly likely prospect of monetary tightening in the United States on Wednesday.

Investors in Tokyo, however, remained rather “wait-and-see” while the New York Stock Exchange will be closed this Thursday to celebrate Thanksgiving, said Okasan Online Securities in a note.

In Hong Kong, the Hang Seng index advanced modestly (+ 0.1% around 06:20 GMT), while Shanghai and Shenzhen were down slightly.

On the side of values

ANA HOLDINGS FALLS: the stock of the first Japanese airline ANA Holdings slipped 5.64% to 2,472.5 yen. Still undermined by the impact of the pandemic on the aviation sector, the group announced on Wednesday after the Tokyo market had closed an issue of bonds convertible into shares for 150 billion yen (more than 1.1 billion euros ).

This announcement also weighed on the title of its big rival Japan Airlines (-1.72% to 2,283 yen), which also continues to suffer from the persistent extreme weakness of passenger traffic to and from Japan, due to restrictions still in force at the country’s borders.

SHINSEI BANK SINS TO SBI: after weeks of arm wrestling, the Japanese bank Shinsei Bank (-0.56% to 1,947 yen) on Wednesday hoisted the white flag concerning the takeover offer of its compatriot SBI Holdings (+ 3.12% to 3,135 yen) of which it is the target.

Shinsei, who previously considered this takeover hostile, will now adopt a “neutral” stance, according to a statement released Wednesday. The bank has therefore canceled an extraordinary general meeting scheduled for Thursday to have its shareholders approve defense measures against this takeover bid, which expires on December 8.

SBI Holdings seeks to take control of 48% of Shinsei through this operation, with a view to creating the fourth Japanese “mega-bank”.

On the currency and oil side

The yen was almost stable against the dollar, at a rate of one dollar against 115.37 yen around 06:35 GMT against 115.43 yen on Wednesday at 21:00 GMT. But the yen continued to depreciate against the greenback during trading on Wednesday, a favorable exchange rate movement for Japanese export stocks.

The yen retreated against the euro, which was worth 129.41 yen against 129.27 yen on Wednesday. The euro also rose to 1.1214 dollars, against 1.1199 dollars the day before at 9:00 p.m. GMT.

The oil market was stable: around 06:25 GMT the price of a barrel of US WTI barely rose 0.03% to 78.41 dollars and that of a barrel of Brent from the North Sea gained 0.15% to 82.37 dollars .

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