4:30 PM Tokyo – Stocks in Tokyo rebounded 1% following the stronger-than-expected U.S. payrolls increase in November. Markets across Asia gained and the yen weakened to 123 mark against the U.S. dollar. Energy complex stocks declined after OPEC decided to hold its production quota despite the rising glut in the market.
The Nikkei 225 average recovered from the Friday decline and jumped 1% on stronger than expected U.S. job data.
U.S. private and public sector added net 211,000 jobs in November and unemployment rate held at 5% in the month.
The larger than expected payrolls gains also supported the case the Federal Reserve may increase interest rates for the first time in a decade at the next two-day policy meeting ending on Dec 16.
Energy complex stocks declined after the OPEC member nations decided to hold daily production quota despite the price of a barrel dipping below $40 in New York.
Rising supply in the U.S. and sustained elevated production in Russia and the falling demand in China are contributing the latest price decline in the world’s most heavily traded commodity.
The Nikkei 225 Stock Average gained 193.67 or 1% to 19,698.15 and the broader Topix index increased 11.19 to 1,585.21.
The yen weakened to 123.27 against a dollar.
Stocks in Review
gained 1.3% to 6,930 yen after the largest advertising and marketing services provider said total sales in November surged 10.6% to 138.81 billion yen from a year ago month.
Sales in television segment in the month soared 10.2% to 62.71 billion yen and sales in marketing business and promotion jumped 14.6% to 25.83 billion yen. Newspapers revenues advanced 8.4% to 8.19 billion yen compared to the same month a year ago.
Today the company agreed to acquire Singapore-based small rival Band Pte. Ltd and Hong Kong-based Band Ltd without disclosed of financial terms.
Separately, the company agreed to acquire 70% stake in Philippines-based ASPAC Creative Communications Inc
Japan Airlines Co Ltd
advanced 1.9% to 4331 yen after the airline company said it intends to replace all aircrafts of its domestic subsidiary J-Air Corp with the new fuel-efficient Mitsubishi Regional Jet.
declined 5.1% to 865 yen after the automobiles seatbelts, airbags maker’s U.S.-based unit sign an consent order with the National Highway Traffic Safety Administration agreed to pay a civil penalty of 8.5 billion yen in 6 instalments by October 2020.