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Japanese shares tick up on U.S.-China trade hopes

Published 07/24/2019, 10:58 AM
Updated 07/24/2019, 11:00 AM
Japanese shares tick up on U.S.-China trade hopes
JP225
-
TOPX
-
7201
-
7267
-
7735
-
9101
-
3436
-
6857
-
9984
-
ISHIP.T
-
ITEQP.T
-
7203
-

TOKYO, July 24 (Reuters) - Japanese share prices edged up on
Wednesday after a news report that U.S. trade negotiators will
meet Chinese counterparts in Shanghai next week prompted
investors to buy back cyclical shares such as carmakers,
shippers and machinery makers.
The Nikkei share average .N225 rose 0.5% to 21,728.87
while the broader Topix .TOPX gained 0.37% to 1,574.55.
Bloomberg reported that U.S. Trade Representative Robert
Lighthizer and senior U.S. officials will travel to Shanghai on
Monday for talks with Chinese officials. Shippers .ISHIP.T rose 1.6%, with Nippon Yusen KK 9101.T
rising 1.9% while transport equipment makers .ITEQP.T rose
1.1%.
Toyota Motor 7203.T rose 1.3% while Honda Motor 7267.T
gained 1.1%.
Nissan Motor 7201.T rose 1.2% in line with its rivals,
after the news that the firm plans to expand job cuts to over
10,000 to help turn around its business. Semi-conductor related shares extended their recovery on a
brightening outlook for the industry.
Sumco Corp 3436.T rose 4.7%, Advantest Corp 6857.T shot
up 4.2%, hitting 11 1/2-year highs, and Screen Holdings Co Ltd
7735.T gained 3.9%.
SoftBank Group Corp 9984.T rose 1.7% after the news, first
reported by Wall Street Journal, that shared office space
manager WeWork, in which SoftBank Group invests, is looking to
go public as soon as September, earlier than previously
expected. (Editing by Simon Cameron-Moore)

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