Japan market summary for Tuesday (Sept. 11)
Nikkei 225 Stock Average: +112.70 (+0.7%) to 15,877.67, first gain in three sessions
Nikkei 225 futures Osaka: +100 (+0.6%) to 15,840, Singapore (SGX) +50 (+0.3%) to 15,825, Chicago (CME) *9/10 -35 (-0.2%) to 15,705
TOPIX: +7.17 (+0.5%) to 1,532.39; Advancers 774 x decliners 807 (unch. 143), New highs 4 x new lows 300; 25/33 sectors posted gains; first positive close in seven sessions; TOPIX 2nd section posts sixth-straight loss, renews ytd low
Jasdaq: +5.24 (+0.3%) to 1,848.06
Yen: weakens 0.4% against US$ latest quote around 113.85 level
Notes: July machinery orders surged 17% sequentially (largest increase since Oct. 2003), topping economists’ average forecast of +5.9% and even the high-end forecast of +10.1%. Orders had fallen 10.4% in June. The bullish reading lessens some concerns after Monday’s Q2 GDP downward revision. The Nikkei was down in early trading, by more than 150 points, despite the machinery orders data. The N225 rallied into positive territory ahead of the lunch break and continued climbing in the afternoon session. One worry re. machinery orders is a 10.8% decline in foreign orders, adding to already widespread doubt about the health of the U.S. economy amidst subprime and real estate woes. Overall, the broader TOPIX A/D line was balanced, but there were 300 news lows to only 4 new highs.