Nikkei Rises After China GDP Figures

Tokyo stocks rose for the fourth consecutive trading day Wednesday, with the Nikkei index briefly retaking the 17,000 line, as concerns about China’s economy eased following the release of the country’s economic growth data that largely matched market expectations.

The 225-issue Nikkei Stock Average ended up 35.30 points, or 0.21 percent, from Tuesday at 16,998.91, off the day’s high of 17,016.66. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 0.63 points, or 0.05 percent, higher at 1,357.20.

Gainers were led by fishery, agriculture and forestry, retail and real estate issues.

Tokyo stocks lacked vigor but gained some traction following the release of China’s gross domestic product figures for the July-September quarter that largely met market consensus, said Toshikazu Horiuchi, equity strategist at IwaiCosmo Securities Co.

via Mainichi

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza