Tokyo stocks continue to rise on buybacks

… clothing store chain Fast Retailing snapped its four-session winning streak. Also on the negative side were technology investor SoftBank Group and …

Stocks gained ground Monday thanks to buybacks reflecting improved investor sentiment, pushing the key Nikkei average higher for the fifth straight session.

The Nikkei 225 rose 118.85 points, or 0.56 percent, to end at 21,318.42. On Friday, it gained 113.63 points.

The Topix, which covers all issues listed on the Tokyo Exchange’s first section, was up 14.01 points, or 0.91 percent, at 1,551.11 after adding 2.64 points Friday.

Stocks jumped after showing some sluggishness at the outset, with buybacks taking the upper hand amid investors mantaining their optimism over U.S.-China trade negotiations and other external issues, brokers said.

A continued rise on Wall Street on Friday reflecting unchanged expectations for a further interest rate cut by the U.S. Federal Reserve later this month helped the Tokyo market extend its rally, they said.

Both the Nikkei and Topix stayed in positive territory for the rest of the session despite a dearth of fresh trading incentives.

Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc., noted that on top of the rise in U.S. equities, a halt in the yen’s appreciation against the dollar gave a boost to Japanese stocks.

“The market would stay firm this week unless no negative surprises come from the U.S.-China trade front,” he said, pointing out that Japanese shares have been undervalued due to the yen’s strengthening.

But another brokerage firm official warned that investors may move to take profits after the Nikkei’s five-session rally.

Rising issues outnumbered falling ones 1,696 to 368 on the first section, while 87 issues were unchanged.

Volume fell to 964 million shares from 1.148 billion Friday.

All 33 subsector price indexes rose.

Oil names attracted purchases, with JXTG rising 2.22 percent and Cosmo Energy 2.06 percent.

Vehicle accessory retailer Autobacs Seven was buoyant thanks to a rise in same-store sales for August.

Among other winners were industrial robot producer Fanuc and technology giant Sony.

Meanwhile, clothing store chain Fast Retailing snapped its four-session winning streak.

Also on the negative side were technology investor SoftBank Group and cosmetics maker Shiseido.

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The Crypto Daily – The Movers and Shakers – 01/09/19

Ripple’s XRP (+1.01%), Bitcoin Cash ABC (+0.86%), Litecoin (+0.26%), and Stellar’s … Litecoin led the way down in August, tumbling by 34.95%.

Bitcoin gained 0.24% on Saturday. Following on from a 0.96% rise on Friday, Bitcoin ended the day at $9,623.9.

The 2nd consecutive day in the green left Bitcoin down by 4.6% for August.

A relatively bullish start to the day saw Bitcoin strike an early morning high $9,670.5 before hitting reverse.

Coming up short of the first major resistance level at $9,757.2, Bitcoin tumbled to a late intraday low $9,471.9.

In spite of the late sell-off, Bitcoin steered clear of the first major support level at $9,412.6.

Finding support from the broader market, Bitcoin bounced back to a late intraday high $9,715 before easing back to $9,600 levels.

Bitcoin came up short of the first major resistance level at $9,757.2 in the late rally. More importantly, Bitcoin fell short of the 38.2% FIB of $9,734 and $10,000 levels for a 3rd consecutive day.

In spite of the monthly loss, the extended bullish trend remained intact. Bitcoin continued to steer well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.

EOS and Ethereum led the way on the day, rising by 3.74% and by 2.07% respectively.

Ripple’s XRP (+1.01%), Bitcoin Cash ABC (+0.86%), Litecoin (+0.26%), and Stellar’s Lumen (+0.10%) also saw green.

It was a different story for Binance Coin, however, which tumbled by 4.79%. Joining Binance Coin in the red were Monero’s XMR and Bitcoin Cash SV, which fell by 0.71% and by 0.45% respectively.

Another particularly bearish week, left the majors deep in the red for the month of August.

Litecoin led the way down in August, tumbling by 34.95%. The reversal came off the back of the halving event that had driven Litecoin to a current year high $143.5 back in late June

Tron’s TRX (-30.56%), Stellar’s Lumen (-25.97%), EOS (-24.46%), Binance Coin (-24.24%) and Ethereum (-21.38%) also saw particularly heavy losses.

From the rest of the pack, Bitcoin Cash SV and Bitcoin Cash ABC saw the most modest losses, falling by 13.05% and 14.33% respectively.

The total crypto market cap tumbled from a 6th August high $319.56bn to a 29th August low $245.3bn. At the time of writing, the total crypto market cap stood at $249.85bn.

This Morning

At the time of writing, Bitcoin was up by 0.25% to $9,647.9. A relatively range-bound start to the day saw Bitcoin rise from a morning low $9,613 to a high $9,657.8.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Binance Coin found much-needed support early on, rising by 2.09%. Stellar’s Lumen and Litecoin also found support, rising by 1.05% and by 1.03% respectively.

Bitcoin Cash ABC (-0.41%), EOS (-0.33%), and Ripple’s XRP (-0.24%) struggled early on.

For the Bitcoin Day Ahead

Bitcoin would need to hold onto $9,600 levels to support a run at the first major resistance level at $9,735.3.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,657.8 to $9,700 levels.

Barring a broad-based crypto rebound, the first major resistance level at $9,735.3 and 38.2% FIB of $9,734 would likely limit any upside.

In the event of a broad-based crypto rally, Bitcoin could test the second major resistance level at $9,846.7 before any pullback.

Failure to hold onto $9,600 levels could see Bitcoin take a hit on the day. A fall through the morning low $9,613 to $9,500 levels would bring the first major support level at $9,492.2 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$9,400 support levels on the day.

Get Into Cryptocurrency Trading Today

This article was originally posted on FX Empire

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Markets Live: Equity indices edge down, Sensex skids 160 points to 37291

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, …

12:25 pm

Oil prices drop on concern over US economy

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT. – Bloomberg

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of the US economy.

Brent crude was down 31 cents, or 0.5 per cent, at $60.18 a barrel by 0638 GMT, while US crude was down 18 cents, or 0.3 per cent, at $55.60 a barrel. Oil prices rose around 1.5 per cent in the previous session. Click here to read in full the global oil markets report.

12:15 pm

Indiabulls Housing Finance shares drop 8% on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.

The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.

Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

“The replacement will also be applicable to Nifty 50 Equal Weight Index,” the bourse said in a release. – PTI

12:05 pm

Equities struggle on recession, Brexit fears

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 per cent, Singapore shares hit eight-month lows, while Japan’s Nikkei shed 0.07 per cent.

On Wall Street, the S&P 500 gained 0.65 per cent on Wednesday, due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.2 per cent in Asia. Click here to read in full the Asian markets report.

11:55 am

USFDA nod bodes well for Unichem Labs

Unichem Laboratories has received ANDA approval from the USFDA for Solifenacin Succinate Tablets, 5-mg and 10-mg to market (a generic version of Vesicare tablets of Astellas Pharma US, Inc). The tablets are indicated for the treatment of overactive bladder with symptoms of urinary incontinence, urgency, and urinary frequency. Unichem will commercialise the product from its Goa plant. Shareholders of the company will closely monitor the execution.

11:45 am

Shell makes Series-B funding in PRESPL

Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.

This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018. Click here to read in full the report on Shell’s Series-B funding in PRESPL.

11:25 am

Govt sops boost sugar stocks

Stocks of sugar companies soared in an otherwise bearish market, with the Cabinet clearing fresh export concessions for sugar mills.

On Wednesday, the Cabinet approved incentives of Rs 6,268 crore ($876.74 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the sugar marketing year starting from October 1.

Shares of Bannari Amman Sugar rose two per cent to Rs 1,150, Dhampur Sugar Mills was up 0.15 per cent at Rs 151, Shashi Sugar rose 5 per cent at Rs 8, Dharani Sugar was up 17 per cent at Rs 8 and Bajaj Hindustan Sugar was up 4 per cent at Rs 6.

India is expected to produce 285 lakh tonnes of sugar in this sugar marketing year. With an inventory of 145 lakh tonnes, the total sugar supply is expected to be the highest ever at about 430 lakh tonnes, exerting huge pressure on prices. _ Our Bureau

11:10 am

Gold, silver open firm as rupee remains weak

Quick funds: With NBFCs turning cautions to lending, many customers are option for gold loans, say players. – iStock.com

Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

On Thursday, the rupee weakened further to inch towards the Rs 72 levels against the dollar. The Indian rupee opened lower at Rs 71.90 and depreciated further to Rs 71.95 in the early trades.

This comes despite Wednesday’s Cabinet announcements triggering positive sentiment for the sugar industry and farmers for increased incomes in the coming days and better job prospects through the 100 per cent contract manufacturing decision. Click here to read in full the domestic gold market report.

11:00 am

Company News: Kalpataru Power Transmission

Kalpataru Power Transmission informed the exchanges on Wednesday that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company disagrees with the Bank’s position and intends to contest the proceedings vigorously, it added. Shares of Kalpataru Power slumped 6.95 per cent at ₹441.05 on the BSE on Wednesday.

10:45 am

Gold prices tick up on recession fears, trade uncertainty

Gold prices eked out gains on Thursday against the backdrop of recession fears, with traders tracking signs of progress on the US-China trade talks and global central banks for direction on interest rates.

Spot gold rose 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. On Wednesday, the bullion ended lower but remained around its over six-year peak of $1,554.56 hit on Monday. US gold futures were up 0.1 per cent at $1,550.80 an ounce. Click here to read in full the global gold report.

10:25 am

Rupee falls 17 paise against US dollar in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons – FRANCIS MASCARENHAS

The rupee depreciated by 17 paise to 71.95 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, they added. Click here to read in full the rupee report.

10:05 am

Sensex, Nifty trade on a weak note

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading around 0.5 per cent lower in early session on Friday. The Sensex was at 37,291, down 160 points or 0.43 per cent lower, while the Nifty was at 11,003, down 42 points or 0.39 per cent weaker on its overnight close.

The top gainers on the Sensex were Sun Pharma, Vedanta, Tata Motors, Maruti and IndusInd Bank, while the laggards were YES Bank, ICICI Bank, HCL Tech, HDFC and Axis Bank.

The healthcare, metals, capital goods and auto sector shares rose between 0.3-0.55 per cent to prop up the BSE index, while the finance, capital goods, IT and technology sector shares weighed on the benchmark index, losing between 0.40-0.65 per cent during the session.

According to an agency report, the Sensex, which dropped over 250 points in early trade, was dragged by heavy selling in banking stocks ahead of the expiry of August derivatives amid weak cues from other Asian markets.

In the previous session, the BSE barometer settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

During the day, investors can expect greater volatility in the market on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, said Shrikant Chouhan, Head Technical Research, at Kotak Securities.

Foreign portfolio investors sold shares worth a net of Rs 935.27 crore on Wednesday, while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

The rupee, meanwhile, depreciated 18 paise against its previous close to trade at 71.95 in early session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Korea and Japan were trading on a negative note in their respective late morning sessions.

Exchanges on Wall Street ended in the green on Wednesday.

Global oil benchmark Brent crude was trading 0.57per cent lower at 59.59 per barrel. (with inputs from PTI)

9:55 am

Oil prices pegged back by mounting concern over US economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of United States (US) economy. Click here to read in full the crude oil market report.

9:45 am

Yen on backfoot as returning confidence dulls safe-haven allure

The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit. Click here to read in full the global forex markets report.

9:35 am

Why the stock of RBL Bank has fallen 40 per cent over the past month

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, losing about 40 per cent over the past month, since it announced its June quarter results. While the bank delivered strong performance, the management indicating possible deterioration in its asset quality in the next 2-3 quarters, had rattled investors. Click here to read in full the report on why the RBL stock has fallen 40 per cent over the past month.

9:25 am

Asian shares struggle on darkening global outlook

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record low levels while stocks struggled to recover on Thursday as economic turbulence from intensifying United States (US)-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Click here to read in full the global markets report.

9:15 am

Opening bell

The Sensex and the Nifty opened Thursday’s session in the red. The Sensex was at 37,283, down 168 points or 0.45 per cent lower, while the Nifty was at 10,988, down 57 points or 0.52 per cent weaker.

9.00 am

Today’s Pick: Tata Global Beverages (₹280): Buy

The stock of Tata Global Beverages jumped 5 per cent breaking above a key resistance at ₹270 on Wednesday. This rally has strengthened the short-term uptrend and also provides traders with a short-term horizon an opportunity to buy the stock at current levels.

The stock has been in an intermediate-term uptrend since early February 2019 low at ₹177. During the uptrend, the stock had decisively breached a key resistance at ₹220 in May and continued to trend upwards. Short-term trend is also up for the stock. Click here to read in full Today’s Pick on Tata Global Beverages.

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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 27/08/19

At the time of writing, Litecoin was down by 1.19% to $72.51. Tracking the broader market, Litecoin fell from an early morning high $73.45 to a low …

Bitcoin Cash – ABC – Takes an Early Hit

Bitcoin Cash ABC rose by 1.68% on Monday. Partially reversing last week’s 4.13% loss, Bitcoin Cash ABC ended the day at $311.31.

A particularly bullish first hour saw Bitcoin Cash ABC rally from an intraday low $306.17 to an intraday high $316.

Steering clear of the first major support level at $300.41, Bitcoin Cash ABC broke through the first major resistance level at $310.91.

Bitcoin Cash ABC came within range of the second major resistance level at $316.7 before hitting reverse.

The reversal saw Bitcoin Cash ABC fall back to $306 levels before finding support late in the day to break back to through the first major resistance level.

At the time of writing, Bitcoin Cash ABC was down by 1.99% to $305.11. A bearish start to the day saw Bitcoin Cash ABC fall from an early morning high $308.45 to a low $305.11.

Falling short of the major resistance levels, Bitcoin Cash ABC fell through the first major support level at $306.32.

For the day ahead, a move back through the first major support level to $311 levels would support a move back into the green.

Bitcoin Cash ABC would need the support of the broader market, however, to take a run at the first major resistance level at $316.15.

Barring a broad-based crypto rally, Monday’s high $316 and the first major resistance level would likely limit any upside.

Failure to move back through the first major support level could see Bitcoin Cash ABC fall deeper into the red.

A pullback through to $303 levels would bring the second major support level at $301.33 into play.

Barring a crypto meltdown, Bitcoin Cash ABC should continue to steer clear of sub-$300 levels.

View photos

Litecoin Back in the Red

Litecoin rose by 1.73% on Monday. Reversing a 1.74% fall from Sunday, Litecoin ended the day at $73.38.

Tracking the broader market, Litecoin rallied from an intraday low $72.13 to an intraday high $75.55 within the 1st hour.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $74.47.

Bearish through the rest of the day, Litecoin slid back to $72 levels before finding support to return to $73 levels.

At the time of writing, Litecoin was down by 1.19% to $72.51. Tracking the broader market, Litecoin fell from an early morning high $73.45 to a low $72.32.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high to $73.70 levels would bring the first major resistance level at $75.24 into play.

Litecoin would need the support of the broader market, however, to break out from $74 levels.

In the event of a rebound, the first major resistance level and Monday’s high $75.55 would likely limit any upside.

Failure to move back through the morning high could see Litecoin fall deeper into the red. A fall through $72.10 would bring the first major support level at $71.82 into play.

Barring a crypto meltdown, Litecoin should steer clear of the second major support level at $70.27 and the 62% FIB of $70.

View photos

Ripple’s XRP Gives up $0.27

Ripple’s XRP rose by 0.42% on Monday. Partially reversing a 0.87% fall from Sunday, Ripple’s XRP ended the day at $0.27040.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.28066.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.2757. The second major resistance level at $0.2818 limited the upside on the day.

A pullback through the mid-morning saw Ripple’s XRP fall to an intraday low $0.26750 before finding support. Steering clear of the first major support level at $0.2647, Ripple’s XRP recovered to $0.27 levels before a 2nd pullback.

The second pullback saw Ripple’s XRP fall back to the intraday low $0.26750 before closing out the day at $0.27 levels.

At the time of writing, Ripple’s XRP was down by 0.78% to $0.26829. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.27040 before hitting reverse.

Falling short of the first major resistance level at $0.2782, Ripple’s XRP fell to an early morning low $0.2675.

In spite of the pullback, Ripple’s XRP held above the first major support level at $0.2650

For the day ahead, a move back through the morning high to $0.2730 levels would support a run at the first major resistance level at $0.2782.

Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.27040.

Barring a broad-based crypto rally, Ripple’s XRP would likely come up short of $0.28 levels on the day.

Failure to move through to $0.2730 levels could see Ripple’s XRP struggle through the day. A fall through the morning low $0.26750 would bring the first major support level at $0.2650 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.26 levels on the day.

View photos

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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Stocks plummet on trade war escalation

Clothing store chain Fast Retailing and technology investor SoftBank Group went south along with other components of the Nikkei average.

The yen’s sharp strengthening against the dollar and drops in other Asian stocks also helped the Tokyo market snap its two-session winning streak, brokers said.

Following the early morning tumble, however, the market turned almost static with active trading held in check.

Participants retreated to the sidelines to wait for the opening of the New York market after the weekend, brokers said.

“Tokyo stocks this week are likely to be swayed by developments in the U.S.-China trade conflict and Wall Street’s reactions to them,” said Tomoaki Fujii, head of the investment research division at Akatsuki Securities Inc.

“If U.S. equities extend their losses and the dollar slips through ¥105 again, the Nikkei could fall below 20,000,” Fujii warned.

Falling issues overwhelmed rising ones 1,979 to 138 in the TSE’s First Section, while 33 issues were unchanged.

Volume increased to 1,140 million shares from Friday’s 907 million shares.

All of the 33 subsector price indexes dropped.

Shipping firms plunged amid the strong risk-off mood, with Kawasaki Kisen sinking 4.85 percent, Nippon Yusen 2.30 percent and Mitsui O.S.K. 1.83 percent.

The stronger yen bombarded export-oriented issues such as automaker Nissan, technology giant Sony and industrial robot producer Yaskawa Electric.

Oils, including JXTG, Idemitsu and Cosmo Energy, suffered from a drop in crude oil prices.

Clothing store chain Fast Retailing and technology investor SoftBank Group went south along with other components of the Nikkei average.

Meanwhile, automaker Suzuki and tobacco giant JT were among a handful of winners.

In index futures trading on the Osaka Exchange, the key September contract on the Nikkei average plunged 420 points to end at 20,300.Speech

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