Arab Today, arab today asia markets up japan boosted by tax delay report
Last Updated : GMT 23:42:46
Arab Today, arab today
Arab Today, arab today

Asia markets up, Japan boosted by tax delay report

Arab Today, arab today

Arab Today, arab today Asia markets up, Japan boosted by tax delay report

Japanese stocks led most Asian markets higher Monday
Hong Kong - AFP

Asian markets rallied Monday following last week's sharp losses, with Tokyo boosted by a report that Japan's prime minister plans to delay a planned sales tax increase.

Investors in Tokyo cheered a report Saturday in the respected Nikkei business daily that Shinzo Abe had told officials he wants to put off the consumption tax rise to avoid damaging the already tottering economy. It is not know how long he intends to postpone it.

The last rise in April 2014 -- the nation's first in 17 years -- was blamed for stalling a nascent recovery and pushing Japan into a recession from which it has hardly recovered. 

While experts say Tokyo must raise tax revenue to deal with soaring debts and pay for the ballooning cost of welfare as the population ages, a delay is seen as crucial to support economic growth. 

Attention now turns to the release Wednesday of economic growth figures for the first quarter of the year.

The Nikkei closed 0.3 percent higher, with a weaker yen also providing support.

Speculation the Federal Reserve could raise borrowing costs sooner rather than later boosted the dollar after data Friday showed US consumer spending jumped far quicker than expected in April, reversing a worrisome stall in the first quarter of the year.

The greenback bought 108.84 yen in the afternoon, up from 108.63 yen in New York.

However, the strong US data fuelled talk of another increase in interest rates, with the prospect hitting New York traders. All three main indexes ended lower Friday.

- China weakness -
Among other Asia markets Hong Kong was up 0.9 percent in the afternoon and Sydney closed 0.6 percent higher while Seoul gained 0.1 percent.

Shanghai ended 0.8 percent higher. Central bank assurances that it would continue with policies to support growth overshadowed weekend figures showing more weakness in the economy.

Industrial output, retail sales and fixed-asset investment all came in below expectations, the latest disappointing data out of Beijing following below-par trade figures the previous weekend.

While shares rose in Chinese markets, Stephen Innes, senior trader at OANDA Asia Pacific, said in a market commentary: "Clearly, the positive economic momentum in March has apparently turned soft in April, which will likely send negative reverberations across all asset classes."

Shares in energy firms rose in line with oil prices as a slowdown in US drilling and an increase in Chinese crude refinery processing bolstered hopes a supply glut would ease sooner than expected.

West Texas Intermediate and Brent each put on 1.4 percent Monday.

Last week the two contracts surged as the International Energy Agency said the glut could ease in the second half of this year and OPEC oil producers said the oversupply may be easing on reduced output by its members.

"There is evidence that the market is moving back toward balance," Michael McCarthy, chief strategist at CMC Markets in Sydney, told Bloomberg News.

- Key figures around 0700 GMT -

Tokyo: Nikkei 225: UP 0.3 percent at 16,466.40 (close)

Shanghai - Composite: UP 0.8 percent at 2,850.86

Hong Kong - Hang Seng: UP 0.9 percent at 19,901.56

Euro/dollar: DOWN at $1.1307 from $1.1309 Friday

Dollar/yen: UP at 108.84 yen from 108.63 yen

New York - Dow: DOWN 1.1 percent at 17,535.32 (close) 

London - FTSE 100: UP 0.6 percent at 6,138.50 (close)

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asia markets up japan boosted by tax delay report Arab Today, arab today asia markets up japan boosted by tax delay report

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asia markets up japan boosted by tax delay report Arab Today, arab today asia markets up japan boosted by tax delay report

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 'Final phase' of battle for Raqa

GMT 03:47 2017 Monday ,16 October

'Final phase' of battle for Raqa
Arab Today, arab today Uber puts the brakes on UberPOP

GMT 14:15 2017 Tuesday ,10 October

Uber puts the brakes on UberPOP
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today Conservation cutbacks put Brazil's

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:20 2017 Thursday ,12 October

Chad extends key conservation area

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday