Tue, 07 Jul 2020

Stokcs in Tokyo have huge rally

Lola Evans
15 Oct 2019, 19:28 GMT+10

SYDNEY, Australia - Japanese investors weighed into stocks on Tuesday, after an extended weekend break.

Trading for the first since since Friday, the Nikkei 225 rose sharply, adding 408.34 points or 1.87% to 22,207.21 - a six months high.

Elsewhere there was little movement with buyers and sellers evenly divided. China's Shanghai Composite eased 16.84 points or 0.56% to 2,991.05.

In Hong Kong, the Hang Seng slid 17.92 points or 0.56% to 2,991.05.

The Australian All Ordinaries rose 5.40 points or 0.86% to 6,763.30.

Cautious optimism about a deal being done on Brexit kept upward pressure on the pound. At the Sydney close on Tuesday sterling was changing hands at 1.2663.

"Given the parliamentary intervention, I would say the chance of a no-deal Brexit is around 10% to 20%," Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney told Reuters Thomson.

"If there is a deal, sterling would rally and risk assets would rally, but the reaction could be limited to a day."

The euro held steady at 1.1024. The Japanese yen was weaker at 108.39. The Swiss franc fell sharply to 0.9992.

The Canadian dollar was litle changed at 1.3228. The Australian dollar fell to 0.6770. The New Zealand dollar was weaker at 0.6330.

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