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Tokyo stocks open higher after Wall Street rebound
TOKYO, Dec 11, 2018 (BSS/AFP) – Tokyo’s Nikkei opened slightly higher on
Tuesday, rebounding from sharp drops the previous day, with investors
apparently relieved that Wall Street eked out gains afer a volatile session.
The benchmark Nikkei 225 index rose 0.06 percent or 13.49 points to
21,232.99 in early trade while the broader Topix index was down 0.13 percent
or 2.12 points at 1,587.69.
Wall Street fell sharply early Monday as the postponement of Britain’s
Brexit vote added to fears about a slowdown in the US economy and an
escalation in trade tensions with China.
But a resurgence in technology shares lifted markets.
In Tokyo early morning trade, “buying will likely lead trade as sentiment
improved on a small rebound in US stocks,” Okasan Online Securities said in a
note.
“But prices will move only narrowly after initial buying runs its course
due to the dearth of fresh positive news,” it added.
European stock markets and the pound slid Monday after British Prime
Minister Theresa May said she was delaying a parliamentary vote on her deal
to leave the EU after conceding it would not win sufficient support.
“The market is concerned that the postponement uses up valuable time before
the 29th March exit date, and the risk of a no-deal scenario is growing,”
David de Garis, director of economics and markets at National Australia Bank
said in a commentary.
The dollar slipped to 113.17 yen from 113.35 yen in New York Monday
afternoon.
In individual stocks trade, SoftBank Group jumped 2.95 percent to 8,871 yen
after announcing Monday it aims to raise over $23 billion by listing its
Japanese mobile unit next week.
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Nissan kept falling, down 2.26 percent at 923.6 yen in early trade after the
previous day’s fall of 2.90 percent, as ousted chairman Carlos Ghosn was
charged and faced new allegations for alleged financial misconduct.
Prosecutors also charged Nissan for filing documents that allegedly
understated Ghosn’s earnings.
The Nikkei daily reported Tuesday that Nissan plans to book years of under-
reported compensation paid to Ghosn as expenses in the year to March 2019 all
at once, a move that could worsen the automaker’s balance sheet.
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