Japan Shares Recoup Brexit Losses on Fresh Stimulus Expectations

Japanese shares extended a rally for a third day to recoup losses from the Brexit vote amid heightened expectations for fresh stimulus.

The Topix index rose 1.9 percent to 1,310.22 at 9:03 a.m. in Tokyo. The measure, which plunged 7.3 percent on June 24 after Britain voted to leave the European Union, has now joined global equities to recover from the decline. The yen was little changed at 104.70 per dollar after the biggest two-day drop since 2014. Prime Minister Shinzo Abe ordered his economy minister to compile stimulus measures this month. The Sankei newspaper reported that government officials are considering “helicopter money” as a policy option.

The Nikkei 225 Stock Average added 2 percent to 16,415.66. In the U.S., the Dow Jones Industrial Average joined the S&P 500 Index to close at a fresh record, with U.S. equities climbing a third day as crude rallied and Alcoa Inc.’s results bolstered optimism on corporate earnings. Futures on the S&P 500 were little changed on Wednesday.

Source : Bloomberg

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U.S. Stocks Rally as Anxiety Diminishes Over U.K. Brexit Impact

U.S. stocks advanced amid a global rally, with the S&P 500 Index posting its strongest two-day climb in four months, as tension eased over the impact of a U.K. exit from the European Union.

Fears that Britain’s EU withdrawal will further stymie global growth continued to ebb, soothed by speculation policy makers will counter the effects. Energy shares capped their best two days since March as crude jumped. A Goldman Sachs Group Inc. basket of the most shorted shares in the Russell 3000 Index saw its biggest surge since 2009, while the Dow Jones Industrial Average stretched its rebound to more than 550 points since Monday’s close.

The S&P 500 rose 1.7 percent to 2,070.65 at 4 p.m. in New York, after the biggest one-day rally since February on Tuesday. The gauge has erased its loss for the year after last week wiping out a 2016 advance of as much as 3.7 percent.

Source : Bloomberg

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