The Stock Exchange in Japan started the new business week on Monday with a profit. Heavyweight SoftBank was in demand thanks to a major takeover deal from the Japanese tech investor. In addition, the results of the election by the governing party of Japan of Prime Minister Shinzo Abe’s successor were awaited. The other Stock Exchange meters in the Asian region were also improving.
The main index in Tokyo, the Nikkei 225, was 0.7 percent higher at 23.559,30 points. SoftBank thickness 9 percent on. The Japanese technology group sells the British chip designer ARM Holdings to the American manufacturer of chips and graphics cards NVDIA. With a price tag of up to $40 billion, it’s one of the biggest takeovers in the chipsector ever.
The current cabinet secretary Yoshihide Suga is expected to be later in the day, by the Japanese Liberal Democratic Party (LDP) elected the new party leader and next prime minister Shinzo Abe, who, for health reasons, will resign. Suga, Abe’s right-hand man, has already indicated to continue his predecessor’s policy. At the macroeconomic level, production in the large Japanese industry increased by 8.7% on a monthly basis in July. That was stronger than the 8% increase reported earlier.
In the meantime, the Shanghai Stock Exchange recorded 0.4% in the plus and the Hang Seng Index in Hong Kong increased 0.7%. The Kospi in Seoul won 1.2 percent and the Australian All Ordinaries in Sydney climbed 0.5 percent. The Australian investment bank Macquarie Group dropped almost 5 percent after a 35 percent fall in profits in the first half of the year.
Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com
