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Nikkei set to trade narrowly, euro woes counter China easing
2012年5月13日 / 晚上11点43分 / 6 年前

Nikkei set to trade narrowly, euro woes counter China easing

TOKYO, May 14 (Reuters) - Japan's Nikkei share average is
likely to tread in a range on Monday, as uncertainty about
Greek's future in the euro will counter any boost to the market
from China's cutting of bank reserve ratios.	
    Market players said the Nikkei was likely to trade between
8,800 to 8,950 on Monday after Nikkei futures in Chicago closed at 8,965 up 0.2 percent from the close in Osaka
 of 8,950.	
    An inconclusive election has left Greece's parliament split
between supporters and opponents of the 130 billion euro EU/IMF
bailout, with neither side able to form a coalition government.
    "If there weren't these problems in Europe, investors might
have been more positive about China easing policy at the
weekend, but now that's unlikely to have much effect," said
Toshiyuki Kanayama, senior market analyst at Monex Inc.	
    The People's Bank of China cut banks' reserve requirement
ratio (RRR) by 50 basis points to 20 percent on Saturday, a move
investors had clamoured for after data on Friday showed the
economy was weakening. The move will free up an estimated 400
billion yuan ($63.5 billion) for lending. 	
    The Nikkei ended down for a sixth week running on Friday,
breaching its 200-day moving average of 9,048.44 to close on
8,953.3, and has now given up all gains made since the Feb. 14
Bank of Japan decision to ease policy.	
    In the current Japanese earnings season, more than 60
percent of the 122 Nikkei companies that have reported
January-March earnings have beaten or met market expectations,
according to data from Thomson Reuters Starmine.	
    Nissan Motor Co posted on Friday a one-third jump
in quarterly profit and projected a 28 percent rise in the year
ahead driven by brisk sales momentum in emerging markets.	
> Banks hit by JPMorgan; Wall St ends week lower          
> Euro near 3-1/2-month low vs dollar on Greek uncertainty 
> Prices up on Europe worries, US banks                   
> Gold posts worst weekly drop this year on euro fears    
> Oil dips as China data outweighs upbeat US consumers    	
    Panasonic Corp reported a record net loss of 772 billion yen
($9.7 billion) on Friday on slumping TV sales, with shares
falling to a 32-year-low ahead of the results. 	
    Fermented drink maker Yakult Honsha Co said on Friday it
does not want top shareholder Danone SA to up its
stake in the company on fears that it would impact on its
    Tohoku Electric Power Co Inc has signed an agreement with
Chevron Corp to buy one million tones of liquefied
natural gas per year for 20 years, the U.S. oil major said on

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