Tokyo stocks close flat after Obama victory

Tokyo stocks closed flat on Wednesday, in a muted reaction to news that US President Barack Obama won a second term in office following a nail-biter White House race.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange gave up early gains to slip 0.03 percent, or 2.26 points, to 8,972.89, while the broader Topix index of all first-section shares added 0.11 percent, or 0.83 points, to 745.71.

On currency markets, the dollar lost ground on the yen, which tends to weigh on Japanese shares because a stronger currency hurts exporters' competitiveness.

An Obama victory was seen among traders as a dollar-selling cue as it may also herald further easing measures by the US Federal Reserve, which has ushered vast bond-buying programmes to spur the world's biggest economy.

"Internationally, Obama appeared to be the more desirable candidate, as there was quite a bit of reservation over what would happen, for example, with trade relations with China under a Romney administration," an equity trading director at a foreign brokerage told Dow Jones Newswires.

"The job growth issue was a problem with Obama, but he was viewed as having been given a very weak hand at the start. The main issue now will be the looming US fiscal cliff, as Congress still faces a stalemate with the deadline for resolution looming."

The so-called fiscal cliff, which will see the government sharply cut spending and hike taxes, is due to take effect on January 1 unless politicians find a compromise on reducing budget deficits.

If Congress fails to agree on how to cut spending over the medium term, the current deal would force deep, immediate spending cuts that could tip the United States back into recession, dealing a major blow to the global economy.

In Tokyo trade Wednesday, Nissan climbed 4.13 percent to 705 yen, despite the automaker slashing its full-year profit forecast by 20 percent on Tuesday as it pointed to a strong yen and slumping sales in China stemming from a bitter territorial row between Tokyo and Beijing.

In forex trading, the greenback bought 80.11 yen, down from 80.34 yen in New York on Tuesday.

The euro was at $1.2863 and 103.07, from $1.2814 and 102.96 yen in US trade the previous day.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2526+0.0002+0.02%
    USDSGD=X
    1.7299-0.0004-0.02%
    EURSGD=X
    2.1045+0.0004+0.02%
    GBPSGD=X
    81.8752+0.0929+0.11%
    SGDJPY=X
    6.1901-0.0019-0.03%
    SGDHKD=X
    2.5950+0.0095+0.37%
    SGDMYR=X
    9,127.4893+8.627+0.09%
    SGDIDR=X
    4.9758+0.0054+0.11%
    SGDCNY=X
    1.1698+0.001+0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,285.90-8.00-0.62%
    GCM14.CMX
    19.35-0.24-1.23%
    SIK14.CMX
    89.14-1.03-1.14%
    ^XAU
    3.040.00-0.13%
    HGK14.CMX
    103.69+0.32+0.31%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.02
    ^FVX
    2.70-0.02
    ^TNX
    3.49-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.113-0.002-1.74%
    B22.SI
    0.135+0.010+8.00%
    545.SI
    2.190.0000.00%
    JS8.SI
    0.605-0.005-0.82%
    E5H.SI
    0.143+0.004+2.88%
    5GB.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.040+18.60%
    5UE.SI
    0.345+0.045+15.00%
    5DS.SI
    0.18+0.020+12.50%
    T16.SI
    0.19+0.016+9.20%
    540.SI
    0.138+0.011+8.66%
    J74.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.17-0.030-15.00%
    5WD.SI
    0.118-0.014-10.61%
    S71.SI
    0.123-0.013-9.56%
    5FI.SI
    0.20-0.020-9.09%
    D6U.SI
    0.29-0.025-7.94%
    O08.SI