Asia Markets
Tokyo stocks rebound in early trade
By Mariko Ando, CBS.MarketWatch.com
Last Update: 7:45 PM ET Oct 31, 2001
TOKYO (CBS.MW) -- Investors bid up Tokyo share prices Thursday morning in a rally that would snap a four-day losing streak after a smaller-than-expected contraction in the U.S. economy.
Shortly after the open, the Nikkei Average rose 58.92 points, or 0.6 percent, to 10,425.22, while the broader TOPIX picked up 0.6 percent to 1,065.77.
Market sentiment was assured with the Wednesday's U.S. gross domestic product data, which showed the economy has shrank 0.4 percent in the July-September quarter. The figure was better than economists' projection of a 1 percent fall.
Following the release of the data, the Nasdaq firmed 1.4 percent while the Dow lost half a percent.
In South Korea, the benchmark Kospi fell 0.2 percent to 536.55 points in early trade. Australia's All Ordinaries Index was trading flat at 3187.70 points.
In the currency markets, the dollar was quoted at 122.41 yen early morning Tokyo, little moved from 122.45 yen late Wednesday in New York where it firmed as much as to 122.65 yen.
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