Asian Open Powell and cryptocurrencies create turbulence for indices
A broad sell-off in cryptocurrencies exacerbated pressure on indices, which were already buckling under the strain of higher yields. Until Powell came to the rescue.
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The Nikkei has continued its fine run of recent performances by rising in value to hit a new three-week high during trading today (October 21st).
After recording another weekly gain last week, despite dropping back slightly on Friday as investors took their profits out of the market, the Nikkei was up by 0.9 per cent today.
This put it up at 14,693.57, although the index fell away slightly from its top point of the day, 14,727.85. This was the highest mark the Nikkei has reached since September 27th.
According to a report by Reuters, the broader Topix index also got the new week off to a good start. It was up by 0.6 per cent to 1,212.36 and 30 of its 33 subsectors posted gains.
Before falling back by 0.2 per cent on Friday, the Nikkei had gone on a run of seven days of gains in a row to put itself in a strong position, despite the US government shutdown.
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