Japanese
stocks rose for a second day on speculation central banks will support
growth even as the U.S. economy shows signs of strengthening.
The
Topix index jumped 0.7 percent to 1,387.23 as of 9:02 a.m. in Tokyo,
headed for the biggest two-day rally in almost three weeks. The Nikkei
225 Stock Average added 1 percent to 17,342.65. The yen slid 0.1 percent
to 119.80 per dollar after yesterday falling 0.3 percent. The euro sank
to the lowest in nine years against the dollar after the European
Central Bank hinted it may soon begin buying government bonds. The
Standard & Poor™s 500 Index erased 2015 losses yesterday as
investors took comfort the Federal Reserve will act cautiously when
considering the timeframe for interest-rate increases.
ECB
President Mario Draghi said in a letter published on the bank™s website
that policy makers may undertake measures including buying sovereign
bonds. Factory data from Germany, which narrowly avoided a recession in
the middle of 2014, added to evidence Europe is in an economic slump and
strengthened the case for stimulus from the ECB, which meets on Jan.
22.
Since
minutes from the Fed™s December meeting were released on Jan. 7, yields
on 10-year Treasuries have remained depressed near 18-month lows,
indicating less expectation of higher interest rates. That™s boosted
risk sentiment in equities, with the MSCI World Index jumping 2.4
percent over the past two days.
A
government report on U.S. employment will be released today, with
economists expecting an increase of 240,000 jobs, after last month™s
surge of 321,000 stoked optimism in the world™s largest economy. Futures
on the Standard & Poor™s 500 Index slipped 0.1 percent today after
the underlying gauge advanced 1.8 percent yesterday.
Source : Bloomberg
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