Read full technical analysis report here
Japanese stocks closed higher today buoyed by buybacks of undervalued shares. Nikkei climbed by 1.10 percent and ended at the 17004.30 level and TOPIX climbed by 0.84 percent and ended at the 1380.41 level. On Friday Nikkei dropped 225.40 points and Topic Index dropped 19.84 points. Asian session started today with a hefty losses in Japanese stocks as a consequence of Friday’s vivid fall in US Dow Jones Industrial average. Later Nikkei and other stocks trimmed the losses and entered in positive trend.
FTSE100 has tumbled 2.03 percent so far today as improvement in US job report rekindled concern of additional a US rate hike in March. FTSE has been strongly bearish in 2016 as it has dropped 8 percent so far this year. The dovish quarterly inflation report and jitters in the Oil market boosted the selloff in February as it has already fallen 6 percent in February.
In some news to cheer the markets, the OECD(Organisation for Economic Cooperation and Development) stated on Monday that the Chinese and Brazilian economies are stablising and European and US economies are showing signs of a pickup in growth. The OECD has based this evalaution based on its parameters that it broadly defines as Composite Leading Indicators(CLI’s). Meanwhile, Greece has stated that a review of its performance under the agreed bailout plan shall begin next week and end in 2 weeks from the start date. Planned targets for Greece include achieving a 3.5% of GDP budget surplus, and other reforms to public spending and welfare programmes, including pensions and welfare.