Japanese expected to be weighed by profit-taking this week
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Japanese expected to be weighed by profit-taking this week
TOKYO: Shares are expected to be weighed by profit-taking this week after a recent upward march, with the market focusing on US jobs data for clues on the health of the world's number one economy.
“Investors are seen likely to lock in profits from stocks' recent gains at this level,” said Kenichi Hirano, general manager at Tachibana Securities, adding however that any falls are likely to be limited.
“While worries about the Greek debt problems are diminishing, investors are turning their eyes to US economic indicators, notably the jobs data,” Hirano said.
In the week to July 1, the benchmark Nikkei Index at the Tokyo Stock Exchange climbed 1.96%, or 189.36 points, to 9,868.07. The Topix Index of all first section shares rose 2.48%, or 20.66 points, to 833.20.
Stocks rose amid easing concern over Greece after lawmakers approved a 28.4-billion-euro (US$40bil) austerity package, paving the way for the receipt of funds vital to it avoiding a debt default.
The market was also buoyed in the week by US manufacturing data showing business activity up in the Chicago region.
Investors were awaiting US ISM manufacturing data to confirm whether the outcome would help change views over the nation's economic slowdown, brokers said.
The biggest focus this week will be US nonfarm payrolls data for June, which are on Friday, after recent US data indicate economic weakness.
“While an optimistic mood is growing in the market, recent employment-related US data have not indicated much improvement,” said Toshihiko Matsuno, senior strategist at SMBC Friend Securities Co.
The European Central Bank is scheduled to hold its policy-setting meeting on Thursday, where the it is widely expected to raise its key interest rate by 0.25 percentage point, Nomura Securities said in a note to clients. AFP
“Investors are seen likely to lock in profits from stocks' recent gains at this level,” said Kenichi Hirano, general manager at Tachibana Securities, adding however that any falls are likely to be limited.
“While worries about the Greek debt problems are diminishing, investors are turning their eyes to US economic indicators, notably the jobs data,” Hirano said.
In the week to July 1, the benchmark Nikkei Index at the Tokyo Stock Exchange climbed 1.96%, or 189.36 points, to 9,868.07. The Topix Index of all first section shares rose 2.48%, or 20.66 points, to 833.20.
Stocks rose amid easing concern over Greece after lawmakers approved a 28.4-billion-euro (US$40bil) austerity package, paving the way for the receipt of funds vital to it avoiding a debt default.
The market was also buoyed in the week by US manufacturing data showing business activity up in the Chicago region.
Investors were awaiting US ISM manufacturing data to confirm whether the outcome would help change views over the nation's economic slowdown, brokers said.
The biggest focus this week will be US nonfarm payrolls data for June, which are on Friday, after recent US data indicate economic weakness.
“While an optimistic mood is growing in the market, recent employment-related US data have not indicated much improvement,” said Toshihiko Matsuno, senior strategist at SMBC Friend Securities Co.
The European Central Bank is scheduled to hold its policy-setting meeting on Thursday, where the it is widely expected to raise its key interest rate by 0.25 percentage point, Nomura Securities said in a note to clients. AFP
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