Japan Shares Climb on Weaker Yen Amid Bets U.K. Will Stay in EU

Japanese shares rose, with the Topix index rebounding from its worst weekly loss since February, as the yen weakened amid increased bets the U.K. will vote to remain in the European Union.

The Topix climbed 1.6 percent to 1,270.78 as of 9:05 a.m. in Tokyo after last week’s 6 percent loss. The Nikkei 225 Stock Average climbed 1.7 percent to 15,857.17. The yen slipped 0.4 percent to 104.56 per dollar after six days of gains.

Bookmakers’ odds of the U.K. voting on June 23 to exit the 28-nation bloc fell to about 32 percent Sunday, with the poll from Survation for the Mail on Sunday newspaper showing 45 percent of people backed the “Remain” camp, while 42 percent supported “Leave.” The opinion poll is the first since the killing of pro-Europe lawmaker Jo Cox last week.

Japan stocks slumped last week amid concern about a possible “Brexit” and as the Bank of Japan decided to keep monetary policy unchanged. The Topix is down 18 percent in 2016, the second-worst performance among 24 developed markets tracked by Bloomberg.

Japan posted a trade deficit of 40.7 billion yen ($ 389 million) in May, compared with economists’ estimates for a 70 billion yen surplus, data showed on Monday. Exports declined 11 percent on the year, after April’s 10 percent drop.

Source: Bloomberg

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China stocks close up on consumer, healthcare bets

China stocks closed modestly higher on Wednesday, recovering some of the heavy losses suffered in recent sessions, as buyers snapped up consumer and healthcare stocks.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.5 percent to 3,082.81, points, while the Shanghai Composite Index gained 0.2 percent to 2,837.04.

Source: reuters

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