The Nikkei average gained on
Monday after European leaders agreed to draft a new treaty for
deeper economic integration, but market players said the
short-covering bounce may not last as the deal was no panacea
for the region's long-term debt worries.
The Nikkei closed just below its 75-day moving average and
trading volume was thin, in a sign investors were still not
confident that the worst for the debt crisis is over in Europe.
"Europe is about one month behind the schedule they
announced in October, in terms of putting the bailout fund to
work and reinforcing banks capital. The European crisis will
continue to be a burden on the market," said Mamoru Suzuki,
chief economist at Mizuho Research & Consulting. (Reuters)
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