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Japan shares bounce as Fed signals rate cut, chip sector gains

Published 07/19/2019, 10:29 AM
Updated 07/19/2019, 10:30 AM
Japan shares bounce as Fed signals rate cut, chip sector gains
JP225
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AAPL
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TOPX
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6857
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2330
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6146
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6178
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TOKYO, July 19 (Reuters) - Japanese stocks rebounded in
Friday morning trade, tracking Wall Street moves and clawing
back some of the previous session's decline, with the
semiconductor sector leading the gains.
The benchmark Nikkei share average .n225 rose 1.7% to
21,398.83 in midmorning trade but the index was on track to post
a 1.3% loss for the week, its biggest weekly drop since late
May.
Wall Street shares moved higher overnight as comments from
New York Federal Reserve President John Williams helped cement
expectations for an interest rate cut this month.
Taking their cues from Taiwanese chipmaker TSMC's 2330.TW
positive revenue outlook, Japan's chip sector drove gains with
Advantest 6857.T , Disco 6146.T and Tokyo Electron 6857.T
surging between 4.6% and 6.5% each.
The world's largest contract chipmaker and supplier to Apple
AAPL.O on Thursday posted a decline in second-quarter profit
but said demand is likely to recover over the rest of the year,
particularly from smartphone makers. Bucking the firmer trend, Japan Post Holdings 6178.T shed
0.4% to an all-time low after the Nikkei business daily reported
the country's largest private insurance firm Nippon Life
requested Japan Post to halt selling its policies at its
affiliate post offices.
The formerly state-owned Japan Post and its affiliate
companies have faced scrutiny in recent weeks over their sales
of insurance policies and toshin fund products. The broader Topix .TOPX advanced 1.8% to 1.562.05.

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