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Nikkei seen in narrow range, firmer yen to cap upside
April 30, 2013 / 11:36 PM / 4 years ago

Nikkei seen in narrow range, firmer yen to cap upside

TOKYO, May 1 (Reuters) - Japan's Nikkei share average is
expected to trade in a narrow range on Wednesday, not far its
highest levels in almost five years, with some positive economic
data from the United States lending support but a firmer yen
capping the upside.
    Market players said the Nikkei was likely to trade
between 13,750 and 13,950, while Nikkei futures in Chicago closed at 13,855 on Tuesday, down 0.2 percent from the
close in Osaka of 13,880.
    "There are both positive and negative factors externally,"
said Toshiyuki Kanayama, senior market analyst at Monex Inc.
    U.S. home prices rose in February at their fastest rate in
almost seven years while consumer confidence rebounded in April.
However, business activity in the U.S. Midwest unexpectedly
contracted in April to its lowest level since September 2009.
 
    The dollar fell to its lowest level against a basket of
currencies in two months on Tuesday as the deluge of U.S. data
had investors discounting any pullback in the Federal Reserve's
easy money policy any time soon.
    A drop in U.S. government bond yields has weighed on the
dollar versus the yen. The Japanese currency was quoted at 97.42
to the dollar in early Asian trade on Wednesday.
    On Tuesday, the benchmark Nikkei slipped 0.2 percent to
13,860.86, while the broader Topix index gained 0.3
percent to 1,165.13.

> S&P 500 ends at record high on Apple, economic data       
> Dollar drops to 2-mth low before Fed, ECB, U.S. payrolls 
> Bonds steady as refunding, central banks in focus        
> Gold falls ahead of central banks' policy meetings      
> Oil tumbles on weak U.S., euro zone economic reports     
    STOCKS TO WATCH
    -SOFTBANK CORP 
    SoftBank President Masayoshi Son came out swinging on
Tuesday against Dish Network Corp's rival bid for
Sprint Nextel Corp, saying the satellite TV company would
cripple Sprint with debt and was ill-prepared to run a wireless
service. 
    -SHARP CORP 
    Sharp looks to have suffered a consolidated net loss of
about 500 billion yen for  the fiscal year ended March 31, the
Nikkei business daily reported. 
    -ANA HOLDINGS INC, JAPAN AIRLINES CO LTD 
    ANA and Japan Airlines, which together operate nearly half
the world's fleet of Boeing Co Dreamliners, estimate the
jet's three-month grounding will shave a combined $110 million
of operating profit, an expense they may ask the American
aircraft maker to shoulder.

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