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BUSINESSTuesday 16 February 2016
World stocks rally after Japan’s Nikkei jumps 7.2 percent
KELVIN CHAN Stocks began rallying after A man walks by an electronic stock board of a securities firm in Tokyo, Monday, Feb. 15, 2016.
AP Business Writer government data showed World stocks rallied on Monday, led by a jump in Japan’s main index, amid hopes for more stimu-
HONG KONG (AP) — World Japan’s economy shrank lus from central banks in Europe and Japan.
stocks rallied on Monday, 1.4 percent on an annual-
led by a jump in Japan’s ized basis last quarter be- (AP Photo/Koji Sasahara)
main index, amid hopes for cause of weak consumer
more stimulus from central demand and slower ex- will step up bond purchas- that there was no basis for The euro was down 1 per-
banks in Europe and Ja- ports. It’s a setback for es and push interest rates further depreciation of Chi- cent at $1.1138 after ECB
pan. Prime Minister Shinzo Abe’s that are already in nega- na’s currency, providing re- chief Mario Draghi said
Will Wall Street closed for economic revival program, tive territory even lower. lief for the country’s export- Monday there were “a vari-
Presidents’ Day, Japan’s which aims to stoke infla- Investor sentiment was also ing neighbors worried that ety of instruments” the ECB
benchmark Nikkei 225 tion through massive mon- bolstered by comments a weakening yuan would could employ if it decided
soared 7.2 percent to close etary easing. However, from China’s central bank hurt their competitiveness. more stimulus is needed. It
at 16,022.58, rebounding the report also gives the chief playing down the Later in the day, stocks could pump more money
from last week’s slump to government more reason likelihood of a one-off de- were nudged higher and into the economy or cuts
post its second biggest to open the stimulus taps valuation of the yuan. the euro fell sharply after rates further, something
one-day gain in three wider to restore growth, People’s Bank of China the European Central Bank that would weigh on the
years. economists said. Governor Zhou Xiaoch- reiterated that more stimu- value of the euro.
That led to big gains in Eu- “Together with the recent uan signaled in a Caixin lus would be considered at U.S. futures, meanwhile,
rope, where Britain’s FTSE slump in the Nikkei and the magazine interview pub- the next policy meeting in rose. Dow futures up 1.2
100 closed 2 percent higher appreciation of the yen, lished over the weekend March. percent and those for the
at 5,824.28 and Germany’s the case for additional eas- S&P 500 up 1.3 percent.
DAX gained 2.7 percent to ing remains compelling,” Elsewhere, South Ko-
9,206.84. France’s CAC 40 said Marcel Thieliant of rea’s Kospi climbed 1.5
rose 3 percent to close at Capital Economics. He pre- percent to 1,862.20 and
4,115.25. dicted the Bank of Japan Hong Kong’s Hang Seng
was up 3.3 percent to
REAL PEOPLE REAL SERVICE REAL ESTATE 18,918.14. Australia’s S&P/
ASX 200 rose 1.6 percent to
4,843.50. Taiwan’s bench-
mark was flat while markets
in Southeast Asia gained.
The Shanghai Composite
Index in mainland China,
though, lost 0.6 percent to
finish at 2,746.20 after re-
opening following the Lu-
nar New Year holiday.
Chinese shares were also
weighed down by the lat-
est monthly trade figures.
Exports fell 11 percent
while imports slid by nearly
a fifth, according to cus-
toms data, highlighting
persistent weakness in the
world’s second biggest
economy.
Economists, however, were
reserving final analysis until
figures for February are out
because the timing of the
Lunar New Year holiday
distorts China’s economic
data at the beginning of
the year.q
