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Japanese stocks rise to 1-1/2-week high; Seven & I shines

Published 10/11/2019, 10:12 AM
Updated 10/11/2019, 10:20 AM
Japanese stocks rise to 1-1/2-week high; Seven & I shines
JP225
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TOPX
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6506
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3382
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9983
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SYDNEY, Oct 11 (Reuters) - The Nikkei's benchmark index
struck its highest in over a week on Friday as the safe-haven
yen eased on hopes of progress in U.S.-China trade talks, and
Seven & I Holdings, Japan's largest convenience store operator,
gained sharply on restructuring plans.
The Nikkei average .N225 gained 0.9% to 21,741.70 in
midmorning trade, its highest level since Oct. 2. For the week,
it was up 1.6% and was on track to post its first gain in three
weeks.
The broader Topix .TOPX added 0.5% to 1,589.14, also
marking its highest since Oct. 2.
Top U.S. and Chinese negotiators wrapped up a first day of
trade talks in more than two months on Thursday, as business
groups expressed optimism the two sides might be able to
de-escalate a trade war and delay a U.S. tariff hike scheduled
for next week. U.S. President Donald Trump told reporters that his team had
a "very, very good negotiation" with China, and reiterated his
plans to meet with Liu at the White House on Friday.
As the retail sector's June-August earnings season got under
way in Japan, notable movers include Seven & I Holdings and Fast
Retailing.
Seven & I 3382.T jumped 5.4% to hit its highest since late
March after announcing massive restructuring plans, including
job cuts and store closures. Nikkei-heavyweight Fast Retailing Co 9983.T climbed 3.4%
as the operator of Uniqlo chain booked a record annual profit
for a third consecutive year on strong sales in China and
forecast further growth in the current business year through
August. Bucking the overall firmness, Yaskawa Electric Corp
6506.T , a bellwether for manufacturing trends, shed 2.5% after
the motor and factory-robot maker slashed its full-year
operating profit forecast.

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