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Market Update : 
Manufacturing Falls, Current Account Rises
Author: 123jump.com Staff
123jump.com
Last Update: 4:59 PM EDT April 10 2008

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February machinery orders in Japan fell 12.9% from January. Current account surplus in Japan widened for the second consecutive month in February, rising 2.9% from a year earlier to 2.46 trillion yen. In Tokyo trading Nikkei 225 fell 1.3% to 12,945, and the broader Topix Index declined 1.2% to 1,248. Shionogi led advancers in the Nikkei 225 index with a rise of 3.4% followed by rises in Yahoo Japan Corp. of 2.8%, Toshiba Corp of 2.6%, in Nisshinbo Industries of 2.5%, and Hitachi Ltd. of 2.2%.

 
Shionogi led advancers in the Nikkei 225 index shares with a rise of 3.37% followed by rises in Yahoo Japan Corp. of 2.79%, Toshiba Corp of 2.63%, in Nisshinbo Industries of 2.50%, and Hitachi Ltd. of 2.22%.

Toshiba Corp. gained after it reported that it is in talks to build to reactors in Florida.

Energy stocks rose after crude oil prices increased 2.2% to $110.87 per barrel after U.S. supplies unexpectedly dropped. Inpex Holdings rose 1.72% as a result.

Commodity stocks also advanced as metal prices gained. Copper rose 2.8% and Gold rose 2.1%. Mitsubishi Corp edged up 2.13%, Mitsui & Co jumped 1.29% and Sumitomo Metal Mining advanced 1.91%.

Fukuoka Financial led decliners in the Nikkei 225 index shares with a drop of 7.29% followed by losses in Taiheiyo Cement of 6.27%, in Fanuc Ltd. of 6.18%, in Kumagai Gumi Co. of 5.88%, and Tokai Carbon Co. of 5.30%.

All Nippon to revise fleet expansion plan

Bloomberg news reported today that All Nippon Airways Co. will revise its fleet expansion plan after the short-range version of the Boeings 787-3 was delayed until at least 2012.

ANA has ordered 50 of the aircraft, which it plans to use on its domestic routes.

According to spokesman of the company Rob Henderson, the company is now considering to seek compensation from Boeing.
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