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Tokyo stocks edge up on hopes for US-China trade deal
TOKYO, Dec 6, 2019 (BSS/AFP) – Tokyo stocks inched up Friday on continued
hopes for a US-China trade deal, with investors cautious over outstanding
uncertainties, including Britain’s general election next week.
The benchmark Nikkei 225 index rose 0.23 percent, or 54.31 points, to
close at 23,354.40. Over the week, it added 0.26 percent.
The broader Topix index was up 0.11 percent, or 1.95 points, at 1,713.36,
and rose 0.82 percent from a week earlier.
Tokyo shares opened higher after US stocks gained on expectations for
progress in the trade talks, dealers said.
“Japanese investors shared the hope,” said Yoshihiro Okumura, general
manager at Chibagin Asset Management.
US and Chinese negotiators are working to finalise a preliminary trade
deal announced in October that would block new tariffs expected to take
effect this month.
Some investors are taking a wait-and-see attitude ahead of key US
employment data due later in the day, dealers said.
“Britain’s election has also made players cautious,” Okumura told AFP.
The dollar fetched 108.69 yen in Asian afternoon trade against 108.74 yen
in New York.
In Tokyo, steelmakers were among winners, with Nippon Steel gaining 0.85
percent to 1,709.5 yen and JFE Holdings climbing 1.03 percent to 1,462 yen.
Chip-related shares were also higher, with chip-testing equipment maker
Advantest up 3.43 percent at 5,420 yen and chipmaker Renesas rising 1.25
percent to 725 yen.
Data released shortly before the opening bell showed Japan’s household
spending in October dropped 5.1 percent from a year earlier.
That followed a 9.5-percent surge in September, as consumers bought items
ahead of an October 1 hike in the sales tax from eight percent to 10 percent.
The reading was slightly worse than the market consensus of a 3.2 percent
drop, but stocks were unaffected.
BSS/AFP/HR/1250