Market Commentary - Foreign Markets
Japanese Markets Hit Record Highs As on : 08-Jul-24  17:01

Asian stocks declined on Monday while the euro rose against the dollar as French elections resulted in unprecedented political uncertainty.

A leftist alliance emerged as the surprise winner of the legislative elections, leading to a fragmented parliament with three major groups - left, centre and far-right.

Japanese markets retreated from record highs in choppy trade as data showed real wages in the country fell for a 26th straight month.

The Nikkei average hit a record high of 41,112.24 before reversing course to end the session down 0.32 percent at 40,780.70. The broader Topix index closed 0.57 percent lower at 2867.61.

Heavyweights SoftBank and Fast Retailing both ended around half a percent higher while electrical equipment maker Yaskawa Electric plunged 4.4 percent to lead losses.

Japan posted a current account surplus of 2.849 trillion yen in May, the Ministry of Finance said on Monday. Imports were up 9.3 percent on year to 9.241 trillion yen, while exports jumped 12.1 percent to 8.132 trillion yen for a trade deficit of 1.107 trillion yen.

The capital account saw a deficit of 11.7 billion yen, while the financial account had a surplus of 1.258 trillion yen.

A measure of public opinion about the Japanese economy improved for the first time in four months in June, and the outlook also showed some resilience, survey data from the Cabinet Office showed on Monday.

The current conditions index of the Economy Watchers' Survey, which measures the present situation of the economy, rose to 47.0 in June from 45.7 in May. The expected score was 46.3.

Powered by Capital Market - Live News