ZCZC
BCN-10
STOCKS-JAPAN-OPEN
Tokyo stocks open higher helped by rallies in US
TOKYO, Feb 6, 2019 (BSS/AFP) – Tokyo stocks opened higher on Wednesday
helped by a cheaper yen and rallies on Wall Street, but investors remained
cautious ahead of the US State of the Union address.
The benchmark Nikkei 225 index was up 0.39 percent or 82.24 points at
20,926.69 while the broader Topix index edged up 0.28 percent or 4.47 points
to 1,587.35.
“Following rises in US shares, Japanese shares are seen starting on a
positive note, and the focus will be on whether the Nikkei 225 can reach the
level of 21,000,” online brokerage Monex said in a commentary.
The dollar fetched 109.90 yen in early Asian trade, little changed from
109.97 yen in New York late Tuesday but was stronger than below 109 yen
levels late last week.
US President Donald Trump will deliver his State of the Union address
during Tokyo trading hours and “expectations are for the President to make
comments on North Korea, the US economy, China trade talks and border
security,” Rodrigo Catril, strategist at National Australia Bank, said in a
note.
“The latter of course is the main focus for markets given that Trump has
hinted at the possibility of declaring a national emergency… in order to
fund his much desired wall along the Mexican border,” he added.
“The political ramifications from such an announcement… could rattle
markets,” Catril said.
In Tokyo, Panasonic was up 3.33 percent at 1,069.5 yen and Olympus was up
1.31 percent at 4,625 yen.
Small car specialist Suzuki was down 1.92 percent at 5,643 yen after its
third quarter operating profit was lower than market expectations.
SoftBank was up 1.80 percent at 8,568 yen ahead of its nine months to
December earnings reports due later Wednesday.
BSS/AFP/HR/0945