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Reply #26: asia: Nikkei logs biggest weekly gain in 2 yrs but mood far from upbeat [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 08:13 AM
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26. asia: Nikkei logs biggest weekly gain in 2 yrs but mood far from upbeat

TOKYO, Dec 2 (Reuters) - The Nikkei average extended
gains to log its biggest weekly advance in two years on Friday,
though the mood was far from upbeat given uncertainty over
whether Europe will next week manage to cobble together steps to
counter the debt crisis there.

After rallying on a move by the world's central banks to
ease funding strains among banks, the Nikkei now faces major
resistance, including from its 75-day moving average, a
sustainable break of which is seen as depending on Europe.

"If European leaders can agree on a more active role for the
European Central Bank and possibly aid from the IMF, that would
be positive. But that looks difficult, so there's risk that we
are in for a major disappointment next week," said Norihiro
Fujito, senior strategist at Mitsubishi UFJ Morgan Stanley

The benchmark Nikkei added 0.5 percent to 8,643.75,
for a weekly gain of 5.9 percent, its biggest since the first
week of December 2009. In one positive technical sign, the
Nikkei stayed comfortably above its 25-day moving average, at
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