Nikkei rebounds in cautious mood ahead of U.S. jobs data

  • Reuters
  • Stock Market News
Nikkei rebounds in cautious mood ahead of U.S. jobs data
Credit: © Reuters.

SYDNEY, July 2 (Reuters) - Japanese stocks rose on Thursday, tracking overnight gains in Wall Street, on signs that the global economy was emerging from the coronavirus lockdown, although many investors stayed on the sidelines ahead of the U.S. payrolls data later in the day.

The benchmark Nikkei average .N225 advanced 0.65% to 22,266.23 by the midday break, clawing back from a 0.75% drop on Wednesday, with cyclical stocks leading the gains.

Soichiro Matsumoto, chief investment officer Japan at Credit Suisse (SIX: CSGN ), called the current Nikkei's level of around 22,000 "a pretty good level" for many institutional investors. He expects Tokyo shares to remain range-bound, saying there's not much upside left in the medium term.

On Wall Street, the S&P 500 .SPX and Nasdaq .IXIC indexes ended higher on Wednesday as increasing optimism for a safe and effective COVID-19 vaccine eased concerns that another round of business lockdowns was likely. .N

The U.S. manufacturing activity rebounded more than expected in June, while similar surveys from China, Germany and France all pointed to a recovery in factory activity. broader Topix .TOPX gained 0.77% to 1,550.40 by the midday recess, with all but four of the 33 sector sub-indexes on the Tokyo exchange trading higher.

Highly cyclical air transport .IAIRL.T , sea transport .ISHIP.T and transport equipment .ITEQP.T indexes were the three top performers on the main bourse.

Toyota Motor Corp 7203.T advanced 2.3%, one day after U.S. electric carmaker Tesla Inc TSLA.O overtook the Japanese carmaker to become the highest-valued automaker in terms of market capitalization. the overall trend, the index of Mothers start-up market .MTHR slumped 5.2%, hitting its lowest level since May 28, with biotech AnGes Inc 4563.T nose-diving as much as 16%. stocks outperformed the small-cap shares, with the Topix Large index .TOPXL rising 0.83% and the Topix Small .TOPXS falling 0.23%.

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