ZCZC
BCN-03
STOCKS-MARKETS-JAPAN-OPEN-LEAD
Tokyo stocks open amid caution over US-N. Korea summit
TOKYO, June 12, 2018 (BSS/AFP) – Tokyo stocks opened higher on Tuesday,
extending rallies on Wall Street, though investors were cautious over a
historic summit between the US and North Korea.
The benchmark Nikkei 225 index edged up 0.73 percent or 167.32 points to
22,971.36 in early trade while the broader Topix index was up 0.63 percent or
11.19 points at 1,798.03.
“The stocks this week will face a series of events… namely the US-North
Korea summit and central bank meetings in Japan, the US and Europe,” Masayuki
Toshida, senior market analyst at Rakuten Securities, said in a commentary.
“In addition, worries over trade frictions caused by protectionist US
economic policy still linger,” he said.
The direction of the market — which is upward so far — could change
dramatically depending on developments from these important events, he said.
Just hours ahead of his historic summit with North Korean leader Kim Jong
Un, US President Donald Trump tweeted that meetings between “staffs and
representatives are going well and quickly….but in the end, that doesn’t
matter.”
“We will all know soon whether or not a real deal, unlike those of the
past, can happen!”
Trump met Kim at 0100 GMT Tuesday for a handshake and the pair are set for
hours of meetings that were unthinkable just months ago.
In Tokyo, market heavyweight Fast Retailing, the operator of Uniqlo casual
clothing, was up 0.41 percent at 50,480 yen.
Banks were higher, with Mitsubishi UFJ edging up 0.14 percent to 677.7 yen
and Sumitomo Mitsui Financial up 0.13 percent at 4,548 yen.
Toyota was down 0.28 percent at 7,471 yen, Sony was down 0.45 percent at
5,484 yen and Nintendo was down 0.79 percent at 41,310 yen.
The dollar fetched 110.33 yen in early Asian trade, against 110.02 yen in
New York late Monday.
Global equity markets rose Monday as traders brushed off a chaotic Group of
Seven meeting to focus instead on the Trump-Kim summit.
The Dow Jones Industrial Average finished up less than 0.1 percent at
25,322.31.
BSS/AFP/MR/ 1145 hrs