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Japan shares up on weaker yen | |
(about 1 hour later) | |
Japan's stock market has risen - despite continuing concerns over Greece - helped by a weaker yen and higher US markets overnight. | |
In Tokyo, the benchmark Nikkei 225 share index closed up 0.95% at 20,522.50. | |
The dollar was buying 123.44 yen in Asian trade, up from 123.15 yen in New York on Wednesday. | The dollar was buying 123.44 yen in Asian trade, up from 123.15 yen in New York on Wednesday. |
A weaker yen against the dollar is good for Japan's big exporting firms. | A weaker yen against the dollar is good for Japan's big exporting firms. |
It makes their goods cheaper to buy overseas and gives a boost to their bottom line when they repatriate earnings. | It makes their goods cheaper to buy overseas and gives a boost to their bottom line when they repatriate earnings. |
In the US, markets were buoyed by news from payroll firm ADP that businesses had added 237,000 positions in June. The figure was up from May and beat expectations. Official US jobs numbers are due out later on Thursday. | |
In Australia, the S&P/ASX 200 index closed up 1.5% at 5,599.80, despite official figures showing the country's trade deficit in May was bigger than expected. | |
Thursday's figures put the gap at 2.75bn Australian dollars ($2.09bn; £1.34bn) against forecasts of a $2.2bn deficit. | |
In South Korea, the benchmark Kospi index closed up 0.45% at 2,107.33. | |
More volatility in China | |
In China, the Shanghai Composite closed down 3.5% at 3,912.77 after falling as much as 5% earlier in volatile trade. | |
Mainland shares - which have seen several days of erratic trade - fell despite further moves late on Wednesday by the regulator to calm the market. | |
The China Securities Regulatory Commission (CSRC) last month tightened its rules on margin lending - or the minimum amount of money investors are required to have as a deposit. | The China Securities Regulatory Commission (CSRC) last month tightened its rules on margin lending - or the minimum amount of money investors are required to have as a deposit. |
However, on Wednesday, the regulator said it would remove some of those limits. | |
Talk of the government putting a stop to new share listings in order to help calm the market had also sent ripples through the market this week, however the CSRC on Wednesday said it had approved two new initial public offering plans from a lender and a port operator. | Talk of the government putting a stop to new share listings in order to help calm the market had also sent ripples through the market this week, however the CSRC on Wednesday said it had approved two new initial public offering plans from a lender and a port operator. |
Hong Kong's benchmark Hang Seng index ended up 0.1% At 26,282.32 after being closed for a public holiday on Wednesday. | |
Greece watch | |
Analysts said investors were expected to continue trading tentatively in most of Asia after eurozone finance ministers ruled out any further talks on a fresh bailout for Greece until Sunday's referendum. | Analysts said investors were expected to continue trading tentatively in most of Asia after eurozone finance ministers ruled out any further talks on a fresh bailout for Greece until Sunday's referendum. |
Greece is set to vote on Sunday to accept or reject proposals made by its creditors last week, with Prime Minister Alexis Tsipras urging a "no" vote. | Greece is set to vote on Sunday to accept or reject proposals made by its creditors last week, with Prime Minister Alexis Tsipras urging a "no" vote. |
EU leaders have warned a "no" vote would mean leaving the euro, while market analysts have said it would see investor sentiment hit and more volatile trading ahead. | EU leaders have warned a "no" vote would mean leaving the euro, while market analysts have said it would see investor sentiment hit and more volatile trading ahead. |