Market Report - Nikkei Hits 8-Month High

In our Market Report today:   Asian share markets flirted with recent highs as Japan's Nikkei hit an 8-month peak.

The Tokyo benchmark broke through the psychological 10,000 yen level, with oil-linked shares gaining on crude's rise to over $71 a barrel.

The Tokyo benchmark has climbed over 40 percent since March, but traders said profit-taking was likely.

Recession in the world's No.2 economy has bitten harder than in the U.S. or Europe. But a recent jump in Japanese manufacturing is expected to produce a return to growth this quarter.

Nippon Steel says that demand will likely rise 30 percent from July to September as carmakers like Toyota and Honda recover.   And in Australian Fortescue Metals jumped on speculation the nation's No. 3 could be the focus of Chinese bid interest.

The stock has gained over 50 percent since miner Rio Tinto scrapped its $19.5 billion tie-up with China's Chinalco.

Category:

News & Politics

Tags:

• ntd
• ntdtv
• news
• month
• nikkei
• hits
• high
• recent
• tokyo
• likely
• benchmark
• peak
• psychological
• recession
• barrel
• nippon