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Japan’s Nikkei 225 breaches 40,000 for the first time as its record-breaking rally continues
The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, Feb. 16, 2024. Kosuke Okahara/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Japan’s Nikkei 225 hit yet another record high to top the 40,000 level Monday. The index was last up 0.8%.
The benchmark index has been on a record rally, which has seen it hitting all-time highs for the first time in 34 years.
Both the Nikkei and the broader Topix have been top performers among major stock markets in the Asia-Pacific. The Nikkei is up over 20% so far this year, while the Topix is up nearly 15%.
Strong earnings and investor-friendly measures by Japan’s government have fueled a blistering rally in equities this year.
The broad-based Topix inched 0.1% higher Monday after crossing the 2,700 mark and hitting a record high last Friday.
— Shreyashi Sanyal
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CNBC Pro: Veteran investor picks ‘Glorious 10’ global stocks with 30% annual gains over the last 5 years
U.S. Big Tech names were stand-out performers last year as investors piled into the so-called “Magnificent Seven” stocks: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla.
These stocks – collectively – were behind much of the gains that drove the benchmark S&P 500 Index up by around 25% in 2023.
Veteran investor and trader Adam Reynolds, however, is looking beyond U.S. tech to 10 lesser-known gems across Europe, Japan and Australia.
These stocks, have a market capitalization of over $50 billion and logged a total growth rate of at least 30% returns annually over the last five years.
CNBC Pro subscribers can read more here.
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European markets: Here are the opening calls
European markets are set to start the week in mixed territory.
The U.K.’s FTSE 100 index is expected to open 15 points lower at 7,673, Germany’s DAX up 22 points at 17,754, France’s CAC 10 points higher at 7,937 and Italy’s FTSE MIB up 17 points at 32,974, according to data from IG.
There are no major earnings. Data releases include Turkish inflation figures for February.
— Holly Ellyatt