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STOCKS-JAPAN-OPEN
Tokyo’s Nikkei opens higher with eyes on Japan-US summit
TOKYO, May 27, 2019 (BSS/AFP) – Tokyo’s benchmark Nikkei index edged up at
the open on Monday as investors awaited US-Japan summit talks later in the
day.
The key Nikkei 225 index was up 0.03 percent, or 5.97 points, at 21,123.19
in early trade, while the broader Topix index was down 0.04 percent, or 0.66
points, at 1,540.55.
After a fun-filled weekend of golf and sumo, US President Donald Trump and
Japanese Prime Minister Shinzo Abe are set to hold formal talks Monday, with
trade and tensions with North Korea topping the agenda.
On Monday, Trump tweeted: “Great progress being made in our Trade
Negotiations with Japan.
“Agriculture and beef heavily in play. Much will wait until after their
July elections where I anticipate big numbers!”
Despite his tweet that tough negotiations can wait until after the
election in Japan, “the stocks market may react negatively if he shows a
harsh attitude towards the Japanese auto sector” at the summit talks with
Abe, Hirokazu Kabeya, chief global strategist at Daiwa Securities, said in a
commentary.
“It’s necessary to keep paying attention to the China-US (trade) talks”
this week.
The dollar fetched 109.46 yen in early Asian trade, against 109.29 yen in
New York late Friday.
In Tokyo, Nissan was up 0.76 percent at 746.3 yen after news that its
French alliance partner Renault and Italian-US auto giant Fiat Chrysler are
set to announce talks on an alliance, with a view to a potential merger.
Its rival Toyota was up 0.33 percent at 6,524 yen while Honda was down
0.69 percent at 2,770.5 yen.
Takeda Pharmaceutical was up 2.37 percent at 3,938 yen while telecom and
investment firm SoftBank Group was up 1.45 percent at 10,445 yen.
On Wall Street on Friday, the Dow ended up 0.4 percent at 25,585.69.
BSS/AFP/HR/0925