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Tokyo stocks close up as trade war fears ease

Dec 12 2018 09:43

Tokyo - Tokyo stocks closed higher on Wednesday as fears about the US-China trade war eased following the release on bail of a Huawei executive.

The benchmark Nikkei 225 index rose 2.15% or 454.73 points to end at 21 602.75, while the broader Topix index was up 1.99% or 31.30 points at 1,606.61.

"Investor sentiment improved after media reports on China considering lowering tariffs on US cars and the release on bail of Huawei CFO" Meng Wanzhou, said Yoshihiro Ito, chief strategist at Okasan Online Securities, in a commentary.

Canada on Tuesday authorised the release on bail of Meng, chief financial officer at Chinese telecoms giant Huawei, whose arrest last week sparked fury in Beijing and worries about the future of a truce agreed at the G20 by Donald Trump and Xi Jinping.

Ito added that the Nikkei index was also supported by a weaker yen.

The dollar fetched at 113.43 yen in Asian trade, little change from 113.40 yen in New York but up slightly from 113.10 yen in Tokyo late Tuesday.

In Tokyo, automakers were higher with Toyota advancing 2.22% to 6,895 yen and Honda up 2.01% at 3,082 yen.

Nissan rebounded 0.95% to 924.4 yen, after tumbling 3.10% on Tuesday and 2.90% on Monday after ousted chairman Carlos Ghosn was charged and faced new allegations of alleged financial misconduct.

Sony jumped 3.59% to 5 941 yen and Panasonic was up 3.18% to 1 084 yen.

huawei  |  markets  |  equities


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