JAPAN/CHINA: Japan's Nikkei rises 0.4 percent to 8,568.94 after sliding 2.3 percent a day earlier, while the Shanghai Composite Index opens down 1.2 percent at 2,467.7 after the holiday weekend

Record ID: 463562

  • Title: JAPAN/CHINA: Japan's Nikkei rises 0.4 percent to 8,568.94 after sliding 2.3 percent a day earlier, while the Shanghai Composite Index opens down 1.2 percent at 2,467.7 after the holiday weekend
  • Date: 14th September 2011
  • Summary: TOKYO, JAPAN (SEPTEMBER 13, 2011) (REUTERS) TOKYO STOCK EXCHANGE (TSE) BUILDING VARIOUS OF INTERIOR OF TSE BUILDING ELECTRONIC STOCK BOARD SHOWING NIKKEI AVERAGE OPENING AT 8588.74 UP 53.07 MORE OF TOKYO STOCK EXCHANGE FOREIGN EXCHANGE DEALERS AT TOKYO FOREX UEDA HARLOW VARIOUS OF DEALERS WORKING MONITOR SHOWING US DOLLAR BEING TRADED 77.14 YEN MORE OF DEALERS WORKING SHANGHAI, CHINA (SEPTEMBER 13, 2011) (REUTERS) SHANGHAI SKYLINE /THE BUND BOATS ON HUANGPU RIVER EXTERIOR OF SECURITIES FIRM INVESTORS SEATED INSIDE SECURITIES FIRM INVESTORS SEATED ELECTRONIC BOARD SHOWING OPENING LEVEL OF SHANGHAI COMPOSITE INDEX INVESTORS AT COMPUTER BOOTHS ELECTRONIC BOARD SHOWING INDIVIDUAL STOCK PRICES
  • Embargoed: 29th September 2011 13:00
  • Keywords:
  • Location: Japan, China
  • City:
  • Country: Japan
  • Topics: Business,Finance
  • Reuters ID: LVA750UKSZW6DWB6OMG4W0B3N127
  • Story Text: Asian stocks steadied and the euro held above a seven-month low against the dollar on short-covering on Tuesday (September 13), after a report that Italy may get financial support from China lifted Wall Street in late trade but did nothing to ease fears that Europe is descending into a banking crisis.
    Mounting fears of a Greek debt default, sharp drops in European shares -- especially of French banks due to their sovereign debt exposure -- and a surge in Italian bond yields meant any rally would be short-lived as broader sentiment remains fragile.
    Japan's Nikkei rose modestly as short-covering emerged after a tumble the day before, although traders said worries about how Europe will resolve its deepening debt woes were preventing further gains.
    The benchmark Nikkei rose 0.4 percent to 8,568.94 after sliding 2.3 percent a day earlier.
    The broader Topix index added 0.3 percent to 743.65.
    Nintendo Co fell 4.2 percent to 12,400 yen and was the biggest loser on the main board in percentage terms.
    The benchmark was trading well above its next major downside target of 8,227.63, the intraday low hit on March 15 when stocks were sold off after the March 11 earthquake and tsunami. Ahead of that, traders cited some support around 8,500.
    But China's benchmark stock index opened down 1.2 percent on Tuesday (September 13), dragged down by a slump in global markets and after the market reopened following the Mid-Autumn Festival long weekend.
    The Shanghai Composite Index opened at 2,467.7 points after falling 1.2 percent last week.
    In currency markets, the euro climbed to $1.3636 against the dollar after falling to a seven-month low of $1.3495 in the previous session, though weak demand at an Italian bond auction later in the day may see the single currency fall back again.
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