Reuters: Financial Services and Real Estate: Nikkei set to trade narrowly, euro woes counter China easing

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Nikkei set to trade narrowly, euro woes counter China easing May 13th 2012, 23:38 Tweet Share this Email Print Sun May 13, 2012 7:38pm EDT TOKYO, May 14 (Reuters) - Japan's Nikkei share average is likely to tread in a range on Monday, as uncertainty about Greek's future in the euro will counter any boost to the market from China's cutting of bank reserve ratios. Market players said the Nikkei was likely to trade between 8,800 to 8,950 on Monday after Nikkei futures in Chicago closed at 8,965 up 0.2 percent from the close in Osaka of 8,950. An inconclusive election has left Greece's parliament split between supporters and opponents of the 130 billion euro EU/IMF bailout, with neither side able to form a coalition government. "If there weren't these problems in Europe, investors might have been more positive about China easing policy at the weekend, but now that's unlikely to have much effect," said Toshiyuki Kanayama, senior market analyst at Monex Inc. The People's Bank of China cut banks' reserve requirement ratio (RRR) by 50 basis points to 20 percent on Saturday, a move investors had clamoured for after data on Friday showed the economy was weakening. The move will free up an estimated 400 billion yuan ($63.5 billion) for lending. The Nikkei ended down for a sixth week running on Friday, breaching its 200-day moving average of 9,048.44 to close on 8,953.3, and has now given up all gains made since the Feb. 14 Bank of Japan decision to ease policy. In the current Japanese earnings season, more than 60 percent of the 122 Nikkei companies that have reported January-March earnings have beaten or met market expectations, according to data from Thomson Reuters Starmine. Nissan Motor Co posted on Friday a one-third jump in quarterly profit and projected a 28 percent rise in the year ahead driven by brisk sales momentum in emerging markets. > Banks hit by JPMorgan; Wall St ends week lower > Euro near 3-1/2-month low vs dollar on Greek uncertainty > Prices up on Europe worries, US banks > Gold posts worst weekly drop this year on euro fears > Oil dips as China data outweighs upbeat US consumers STOCKS TO WATCH -PANASONIC Panasonic Corp reported a record net loss of 772 billion yen ($9.7 billion) on Friday on slumping TV sales, with shares falling to a 32-year-low ahead of the results. -YAKULT HONSHA CO Fermented drink maker Yakult Honsha Co said on Friday it does not want top shareholder Danone SA to up its stake in the company on fears that it would impact on its independence. -TOHOKU ELECTRIC Tohoku Electric Power Co Inc has signed an agreement with Chevron Corp to buy one million tones of liquefied natural gas per year for 20 years, the U.S. oil major said on Sunday. Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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