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Tokyo stocks open higher on US-China trade deal hopes
TOKYO, Feb 25, 2019 (BSS/AFP) – Tokyo stocks opened higher on Monday
supported by optimism over a US-China trade deal that also lifted US shares.
The benchmark Nikkei 225 index gained 0.59 percent, or 125.58 points, at
21,551.09 in early trade while the broader Topix index was up 0.58 percent,
or 9.32 points, at 1,618.84.
The United States is delaying a planned increase of tariffs on more than
$200 billion in Chinese exports after “substantial progress” in trade talks,
President Donald Trump said Sunday.
“I am pleased to report that the U.S. has made substantial progress in our
trade talks with China on important structural issues including intellectual
property protection, technology transfer, agriculture, services, currency,
and many other issues,” Trump wrote on Twitter.
Trump also said he planned to hold a summit with Chinese President Xi
Jinping at his Florida estate Mar-a-Lago to ink a deal.
“The market consensus is that a breakdown in trade talks will be avoided,”
Tsuyoshi Nomaguchi, strategist at Daiwa Securities, said in a note.
China’s official Xinhua news agency also said Monday the world’s two
biggest economies were making “substantial progress” in trade talks.
The dollar fetched 110.76 yen in early Asian trade, against 110.75 yen in
New York Friday.
In Tokyo, some China-linked shares were higher, with construction
machinery maker Komatsu up 1.71 percent at 2,873 yen and electronic parts
maker Rohm up 2.05 percent at 7,460 yen.
Some blue-chip exporters were also higher, with Sony gaining 0.97 percent
to 5,365 yen and Panasonic trading up 0.81 percent at 1,053 yen.
On Wall Street on Friday, the Dow ended up 0.7 percent at 26,031.81.
BSS/AFP/HR/0930