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Nikkei climbs to new 4-mth high on US-China trade hopes, ECB stimulus

Published 09/13/2019, 11:14 AM
Updated 09/13/2019, 11:20 AM
Nikkei climbs to new 4-mth high on US-China trade hopes, ECB stimulus
US500
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JP225
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AMZN
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TSLA
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TOPX
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4689
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6752
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3092
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IRLTY.T
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7203
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TOKYO, Sept 13 (Reuters) - Japan's Nikkei share average rose
to a fresh four month-high on Friday, as hints of progress in
the U.S.-China trade dispute and stimulus from the European
Central Bank helped to counter lingering worries about a global
economic slowdown.
The benchmark Nikkei average .N225 gained 0.9% to
21,947.53 by the midday break, marking its highest since May 7.
For the week, the index has advanced 3.5%, on track to post its
biggest gain in eight months.
The broader Topix .TOPX rose 0.5% to 1,602.23, also its
highest in four months.
On Wall Steet, the S&P 500 .SPX rose 0.3% to close within
striking distance of its all-time closing high overnight, with
investors overall sticking to hopes of more progress in upcoming
trade talks between the world's largest economies. .N/C
China and the United States both announced concessions this
week ahead of upcoming trade talks in early October. U.S.
President Donald Trump later told reporters he may consider an
interim trade deal with Beijing. About two thirds of the Tokyo Stock Exchange's 33 subsectors
were in positive territory, with the interest rate-sensitive
real estate sector .IRLTY.T becoming the biggest gainer, up
2.0%, ahead of the U.S. Federal Reserve's policy meeting next
week.
Panasonic 6752.T added a marginal 0.1% after the Nikkei
newspaper reported Toyota Motor 7203.T started using batteries
that Panasonic designed for Tesla TSLA.O in some of its
plug-in hybrids sold in China. Toyota added 0.5%.
Elsewhere, Yahoo Japan 4689.T jumped 4.6% after the
internet company said it would take over online fashion retailer
Zozo for 400 billion yen ($3.7 billion) on Thursday, seeking to
compete better against the likes of Amazon.com AMZN.O .
Zozo 3092.T retreated 1.2%, paring some of its
huge gains of 13.4% made the previous day.
($1 = 108.1400 yen)

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