Asian stocks gained significantly on Thursday where the Japanese yen got weaker, hence giving a healthy boost to the exporters of Japan. The U.S economy is recovering as the unemployment claims are constantly falling every week, while the existing home sales and the manufacturing index also showed a remarkable improvement in the past month. Therefore, all this led to the strengthening of the greenback against the Japanese yen.
The lower the Japanese yen, the better it is for the Japanese stock market, where chances are that the Nikkei index would further gain in upcoming months when tapering may be done in December this year. It’s all about time.
Nikon Corp. performed really well on Thursday as it gained around 5.1% as the company realized a huge chunk of its sales coming from outside of Japan, nearly 85% of the total sales. The demand for Nikon products is increasing in other countries while the exports are being smooth as the Japanese yen weakens.
Apple Bounces Back
The share price of Apple bounced back from the support level of 450 dollars as the smart-phone maker unveils its new operating system Ios7 that apparently is being adored by the users as the social media websites had #iOS7 trending this week. Previously the stocks plummeted as the pre-sale orders of new iPhone 5S and 5C disappointed the investors due to which shares fell from $507 to $450 level.
Currently the price is moving at the $472 level where the overall outlook is still bearish with technical resistance levels clustered above 482 level where a sustainable move above $503 a share level could be a very good sign for the buyers.
FOMC and Stocks / Gold
Another FOMC member is due to speak today in the U.S. session, where the S&P 500 and Dow Jones index may see volatility. Currently the S&P 500 is trading at all-time high level of 1720 and so is the Dow Jones index. As far as gold is concerned, it quickly gained after the FOMC meeting on Wednesday where it remained in range on Thursday and is sustaining above 1350 level, where closing above 1366 could be a good opportunity for buyers for next week as well.
To contact the reporter of this story: Jonathan Millet at email@example.com