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Japan shares rebound on renewed U.S.-China trade deal hopes

Published 11/15/2019, 11:48 AM
Updated 11/15/2019, 11:56 AM
Japan shares rebound on renewed U.S.-China trade deal hopes
JP225
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TOPX
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4689
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8358
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9468
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7181
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ISECU.T
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ISHIP.T
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3938
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7747
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TOKYO, Nov 15 (Reuters) - Japan's Nikkei share average
rebounded on Friday after White House comments suggesting
Washington and Beijing were close to striking a trade deal
sparked buying in cyclical and financials.
The Nikkei 225 index .N225 rose 0.71% to 23,305.71, though
it was slightly down for the week. The broader Topix .TOPX
gained 0.8% to 1,697.83.
White House economic adviser Larry Kudlow said on Thursday
an agreement with China could be reached soon, providing a
fillip to investor confidence. High-beta shares, or those that are sensitive to economic
cycles, such as shippers .ISHIP.T and brokerages .ISECU.T ,
were among the biggest gainers.
Other gainers included companies whose results surprised
positively.
Japan Post Insurance 7181.T , hit by a scandal involving
improper sales practices, rose 5.8% after it posted strong
profits.
Another scandal-ridden financial institution, Suruga Bank
8358.T , also advanced 6.4% after its results.
Kadokawa 9468.T climbed 5.9% to 2 1/2-year highs after the
publishing and web services company raised its profit outlook.
Asahi Intecc 7747.T rose 4.4% after the medical equipment
maker's quarterly profits beat market expectations.
Among losers, Line 3938.T fell 4.5% and Z Holdings
4689.T declined 5.1% after massive gains the previous day on
news that the two technology firms are in merger talks.

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