Japan Stocks Expected To Open Lower
Monday, September 10th, 2007Weak US employment data and a strengthening Yen will most likely push down Japanese stocks today. The US Federal Reserve is under increasing pressure to cut interest rates, even more now that U.S. payrolls shrank last month for the first time in 4 years. Japan’s economic growth is slowing down which will only add to the negative mood. Previous quarter growth is expected to be a decline of 0.2%.
Japanese private equity firm Advantage Partners is closer to winning regulatory approval for its $2.5 billion acquisition of the regional lender, according to sources familiar with the matter.
The price being paid to another fund, Dallas-based Lone Star, and the tender offer are said to be close to 410,000 yen per share. Tokyo Star’s shares closed at 294,000 yen on Friday.
“Today’s session is likely to start with selling across the board, led by a fall in Wall Street, the yen’s gains against the dollar and futures in Chicago,” said Hiroichi Nishi, general manager of equity marketing at Nikko Cordial Securities.