The Nikkei 225 was up 0.8%, the MSCI broadest Asia-Pacific index outside Japan gained 1.3% after making a one-month low less than a week ago. Expectations that central banks will ease monetary policy is lending a helping hand some are saying to these rallies.
The weaker yen remained flat while the dollar was little changed at 102.650 yen JPY= after sliding to 99.00 on Friday, a trough last seen in November 2013. For the quarter, the greenback was headed for an 8 percent drop against the yen. A weaker dollar usually in this environment means stronger gold prices and that is what happened as precious metals with silver near and 1-1/2 year high made on Wednesday and platinum and palladium rallied 3% overnight. Gold was at $1320 per ounce. Crude rallied after a larger than expected drawdown in U.S. supplies and the concern about a Norway strike abated.
The WSJ reported: Most major Asian stock markets are on track to book monthly losses in June. Japan’s Nikkei is the region’s worst-performing stock benchmark, down 8.9% for the month. The Hang Seng Index fell 0.6% over the same period.
In China, however, the Shanghai Composite was headed for a tiny gain of 0.45%, a sign of its relative isolation from investors’ worries about last week’s Brexit vote.
Meanwhile, smaller stock markets in Southeast Asia also did well this month, with the Philippine Stock Exchange ’s PSEi index up 6.45%.
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