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Japanese shares gain after strong finish on Wall Street last week, earnings awaited

Published 05/10/2021, 10:43 AM
Updated 05/10/2021, 10:50 AM
© Reuters.

TOKYO, May 10 (Reuters) - Japanese shares advanced on
Monday, as a strong finish last week on Wall Street boosted
investor sentiment ahead of earnings reports from domestic
automakers and other major firms this week.
The Nikkei share average .N225 rose 0.96% to 29,640.01 by
0154 GMT, while the broader Topix .TOPX jumped 1.14% to
1,955.07
The Dow and the S&P 500 hit record closing highs on Friday
after unexpectedly slow growth in the U.S. jobs market eased
concerns over prospects for rising rates. .N
The yield on benchmark 10-year Treasury notes US10YT=RR
plunged to a two-month low of 1.4690% on Friday. US/
"The U.S. market gained on speculation that low interest
rates will continue for a prolonged period of time, and that
also lifted today's Japanese market," said Masahiro Ichikawa,
chief market strategist at Sumitomo Mitsui DS Asset Management.
"On the other hand, investors are waiting to confirm the
outlook of major firms, particularly they want to see the impact
of chip shortage on automakers."
Japanese automakers are set to report their earnings this
week, starting with Nissan Motor 7201.T on Tuesday and Toyota
Motor 7203.T on Wednesday, the same day as SoftBank Group
9984.T .
Toyota gained 1.87%, while Nissan jumped 3.85%. SoftBank
Group rose 1.95%.
Nippon Steel 5401.T advanced 4.13% after issuing annual
profit forecast above analysts estimate last week, helping the
sector index .ISTEL. gain 3.76%.
JFE Holdings 5411.T and Daido Steel 5471.T jumped 6.03%
and 5.73%, respectively.
Daiichi Sankyo 4568.T gained the most among the top 30
core Topix names, rising 5.11%, followed by Sony Group 6758.T ,
jumping 4.01%.
The underperformers among the Topix 30 were Seven & i
Holdings 3382.T , down 1.63%, followed by Keyence Corp
6861.T , losing 0.21%.

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