Tokyo stocks jump on China-US trade optimism | Fin24
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Tokyo stocks jump on China-US trade optimism

Aug 30 2019 10:38

Tokyo shares ended higher on Friday on renewed optimism over US-China trade talks, with a weaker yen also brightening sentiment.

The benchmark Nikkei 225 index rose 1.19% at 20 704.37.

But the gain failed to make up for losses seen earlier in the week, with the index logging a weekly loss of 0.03% or 6.54 points.

    The broader Topix index gained 1.46% to 1 511.86 and marked a weekly rise of 0.64% or 9.61 points.

    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.

    "As worries over the US-China trade friction receded, the Nikkei index started the day on a strong tone," Okasan Online Securities said in a note.

    "Gains seen in other Asian markets also provided support for the Tokyo market. In the afternoon, investors began to take wait-and-see attitude ahead of the weekend," with the US market scheduled to stay closed on Monday, it said.

    The dollar fetched ¥106.35 in early Asian trade, softer from ¥106.51 in New York but up from ¥105.91 in Tokyo late on Thursday.

    News about Apple possibly showing a new iPhone next month lifted shares of its suppliers.

    Electronics parts maker TDK soared 4.06% to ¥8 460, while Murata Manufacturing added 2.13% to ¥4 459.

    Top automaker Toyota rose 1.02% to ¥6 960. Mitsubishi UFJ Financial Group rose 1.98% to 510.4.

    equities  |  markets  |  tokyo stocks

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