Nikkei rebounds after global stocks rally; ignores weak GDP

domingo 14 de febrero de 2016 21:40 GYT
 

* Market numb to its own economy after global market turmoil - analyst

* Topix's 33 subsectors rising

* Investors brace for 'catch-up' selling in China - traders

By Ayai Tomisawa

TOKYO, Feb 15 (Reuters) - Japan's Nikkei share average rebounded sharply on Monday morning on the heels of a rally in European bank stocks and on Wall Street after the benchmark index posted the worst weekly drop since 2008 on Friday.

The Nikkei rose 4.3 percent to 15,594.34 after ending at the lowest closing level since October 2014. It dropped 11 percent last week.

The market's rebound offset dismal domestic data released in the morning. Japan's economy contracted an annualised 1.4 percent in the final quarter of last year as consumer spending slumped, adding to headaches for policymakers already wary of damage the financial market rout could inflict on a fragile recovery.

"The Japanese market has become numb to its own economy as there were scarier events in the past week in the global market," said Takuya Takahashi, a strategist at Daiwa Securities. "Today is all about a technical rebound."

The dollar was up a touch at 113.64 yen, having pulled away from a 15-month trough just under 111.00, helping exporters rise. Toyota Motor Corp surged 5.6 percent and Honda Motor Co gained 4.9 percent.   Continuación...