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Tokyo stocks rebound on Trump's comments on Japan auto tariffs; Subaru, tyremakers shine

Published 08/27/2019, 09:49 AM
Updated 08/27/2019, 09:50 AM
Tokyo stocks rebound on Trump's comments on Japan auto tariffs; Subaru, tyremakers shine
JP225
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TOPX
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7270
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5101
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6902
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5110
-
7259
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IRUBR.T
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ITEQP.T
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TOKYO, Aug 27 (Reuters) - Japanese shares staged a modest
rebound on Tuesday after a sharp selloff in the previous session
as investors were relieved by U.S. President Donald Trump's
comments that the United States would not imminently impose new
tariffs on autos imported from Japan.
The Nikkei share average .N225 advanced 1.2% to 20,501.98
in midmorning trade, with Subaru and tyremakers leading the
gains. On Monday, benchmark Nikkei lost 2.2% previous to hit the
lowest closing level since January 11. .T
Asked if he was still considering the U.S. tariffs on
Japanese cars, President Trump told a news conference late on
Monday that his administration is not looking at that although
it's something he could do at a later date if he wanted to.
On Tuesday, shares of carmakers, tyremakers and car parts
makers were boosted by his comments.
Subaru 7270.T , which has the biggest revenue exposure to
the United States among Japanese carmakers, jumped 6.2%, and the
transport equipment sector .ITEQP.T was the best performing
sector among the Tokyo Stock Exchange's 33 sub-indexes, gaining
1.5%.
Sumitomo Rubber 5110.T climbed 2.8%, Yokohama Rubber
5101.T rose 2.5%, and the rubber products sector .IRUBR.T
was the third best performing sub-index, gaining 1.4%.
Auto part makers Denso 6902.T and Aisin Seiki 7259.T
gained 1.4% and 1.8%, respectively.
The broader Topix .TOPX rose 1.0% to 1,492.44, with
Tokyo's 33 subindexes gaining.
On Wall Street, all three major stock indexes bounced back
on Monday after President Trump predicted a trade deal with
China, but fell short of reclaiming all of its losses on Friday.
.N/C

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