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STOCKS-JAPAN-OPEN
Tokyo stocks open higher on optimism over China-US trade
TOKYO, Aug 30, 2019 (BSS/AFP) – Tokyo stocks opened higher on Friday,
lifted by positive sentiment surrounding the US-China trade dispute.
The benchmark Nikkei 225 index was up 0.86 percent or 176.74 points at
20,637.67 in early trade, while the broader Topix index was up 0.79 percent
or 11.83 points at 1,502.00.
China’s Commerce Ministry hinted Beijing could break the cycle of tit-for-
tat retaliation in the trade war with the United States, while in Washington
US President Donald Trump said the two sides continued to talk.
Hope that the countries could avoid catastrophe sent Wall Street higher
for a second day while European stocks rebounded and London consolidated
gains.
“Following gains on Wall Street and a cheaper yen, Japanese shares are
seen gaining in early trade,” Toshiyuki Kanayama, senior market analyst at
Monex, said in a note.
The dollar fetched 106.48 yen in early Asian trade, almost unchanged from
106.51 yen in New York but up from 105.91 yen in Tokyo late Thursday.
In Tokyo, China-linked shares were higher, with industrial robot maker
Fanuc trading up 2.47 percent at 18,410 yen and Rohm up 3.15 percent at 7,530
yen.
Sony was up 0.57 percent at 5,942 after it announced plans to sell Olympus
shares it holds.
Investors shrugged off a slew of economic indicators released minutes
before the opening bell.
Japan’s jobless rate in July improved to 2.2 percent from 2.3 percent the
previous month, the internal affairs ministry said, confirming the country’s
job market remains tight.
Factory output in July rose 1.3 percent month-on-month, the first rise in
the past two months, the trade and industry ministry said, but its view on
the economy remained unchanged because of fluctuating industrial production.
On Wall Street, the Dow ended up 1.3 percent at 26,362.25.
BSS/AFP/HR/0925