“Japanese stock futures rose as better-than-estimated company earnings and signs the U.S. housing market is stabilizing boosted the outlook for Asian exporters.
American depositary receipts of Sony Corp., Japan’s No. 1 consumer-electronics exporter, gained 1.6 percent from the closing share price in Tokyo as a weaker yen also strengthened its earnings outlook. ADRs of Mitsubishi Corp. (8058), Japan’s largest commodities trader by revenue, rose 0.9 percent after prices of oil and metals advanced. Shares of Shimano Inc. may be active after the bicycle parts maker said quarterly profit more than tripled.
“In addition to a weakening yen, a recovery trend on earnings is being seen both in Japan and the U.S. at the moment, boosting markets,” said Hiroichi Nishi, an equities manager in Tokyo at SMBC Nikko Securities Inc. “The U.S. economy is still in mild recovery.”
Futures on Japan’s Nikkei 225 Stock Average expiring in June closed at 9,530 in Chicago yesterday, up from 9,480 in Osaka, Japan. They were bid in the pre-market at 9,550 in Osaka at 8:05 a.m. local time. Markets in Australia and New Zealand are closed for national holidays…”
If you enjoy the content at iBankCoin, please follow us on Twitter
