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Reply #39: Nikkei at 4-wk high on Europe hopes, shippers shine [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 09:02 AM
Response to Reply #34
39. Nikkei at 4-wk high on Europe hopes, shippers shine

TOKYO, Dec 7 (Reuters) - The Nikkei average hit a
four-week high on Wednesday as investors warmed to the view that
European policy-makers will come up with convincing steps this
week to help resolve the region's debt crisis.

Cyclical shares such as shippers and steelmakers were also
helped in making huge gains after recent credit easing by big
emerging economies such as China and Brazil eased worries about
a sharp slowdown in the global economy.

"Optimism is growing on the euro zone. Policy-makers have
been making progress recently and the market thinks the European
Central Bank and euro-zone countries will work together on the
crisis," said Hideyuki Ishiguro, assistant manager of investment
strategy at Okasan Securities.

The benchmark Nikkei added 1.7 percent to 8,722.17,
its highest close in four weeks and ending above its 75-day
moving average for the first time since late October. Last time
it topped the average it managed to maintain that position for
less than two days.
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