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STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open slightly higher, trade war in focus
TOKYO, Aug 8, 2018 (BSS/AFP) – Tokyo stocks inched higher on Wednesday
with investors weighing gains in New York against fresh worries over US-China
trade frictions.
The benchmark Nikkei 225 index was up 0.04 percent or 9.07 points to
22,671.81 in early trade while the Topix index gained 0.11 percent or 1.94
points at 1,747.99.
“Buying is likely to lead in early trade following gains in US and
European markets,” SBI Securities said in a commentary.
“But after that, a wait-and-see mood could spread as investors want to see
how the Shanghai Composite Index will fare” after the latest tariff
announcement from Washington, it said in a commentary.
Global stock prices rose on Tuesday on the back of solid second-quarter US
corporate earnings.
But the US Trade Representative announced Tuesday the first round of
President Donald Trump’s 25-percent punitive tariffs on China would hit $50
billion in goods starting August 23.
Although the move was expected, it cements the view that there appears to
be little effort underway to defuse the dispute between the world’s two
largest economies.
Tokyo investors will also be increasingly cautious ahead of US-Japan trade
talks in Washington on Thursday, Okasan Online Securities said.
Panasonic, which supplies batteries to Tesla, rose 0.17 percent to 1,453
yen after Tesla chief Elon Musk hinted at taking the electric car maker
private.
SoftBank Group, an active investor in the IT sector, rallied 2.99 percent
to 10,345 yen after gains in technology shares on Wall Street.
The dollar was trading at 111.34 yen against 111.37 yen in New York on
Tuesday afternoon.
BSS/AFP/HR/0935