Nikkei Hits 1-week High as Trump Returns | Finance Brokerage


Japanese stocks ended at a near one-week high in the stock market on Tuesday. Risk sentiment improved after U.S. President Donald Trump returned to the White House.  He underwent treatment at a hospital for COVID-19, easing fears over political uncertainty.

The benchmark Nikkei share average gained 0.52% to 23,433.73.  With the broader Topix rising 0.52% to 1,645.75, both indexes are hitting levels unseen since Sept. 30.

Investors took cues from Wall Street’s positive finish overnight. That was when main indexes rose sharply on stimulus hopes. Concurrently, news that President Trump would return to the White House after a three-night hospital stay lifted the mood.

According to reports, Trump’s doctors said  the president has not had a fever in more than 72 hours. They also said his oxygen levels are normal.

However, they declined to discuss any toll the disease could have on Trump’s lungs.  Moreover, they declined to disclose when he last tested negative for the coronavirus.

Japanese Shares Benefit from a 2% Rise in the Nasdaq

Japanese technology and semiconductor shares benefited from more than a 2% rise in the Nasdaq overnight.

SoftBank Group rose 2.41% while Disco Corp ended 1.74% firmer.

Panasonic Corp rose more than 2% and Toyota Motor Corp closed 0.71% higher. This was after their joint battery venture said it would establish a production line in Western Japan. The production line will be for the manufacture of lithium-ion power units for hybrid vehicles beginning in 2022.

Outperformers included Hino Motors Ltd, which jumped 6.36% . This was after Toyota said they would jointly develop a heavy-duty fuel cell electric truck for the North American market.

Japan Exchange Group Inc, the owner of  the Tokyo Stock Exchange, dropped 3.29%. This was after the exchange appointed four external board members to a committee to investigate last week’s trading outage.

System developer Fujitsu Ltd, also edged 0.74% lower in the charts. It continues to examine the cause of the incident.

Meanwhile, shares of the Mothers Index of start-up firms increased 0.95%.

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