Nikkei rallies on relief China, U.S. may avert full-scale trade war

  • Reuters
  • Stock Market News
Nikkei rallies on relief China, U.S. may avert full-scale trade war
Credit: © Reuters.

TOKYO, April 5 (Reuters) - Japanese stocks rose on Thursday after Wall Street bounced back from a sell-off triggered by an escalating U.S.-China trade spat, sending most sectors into positive territory.

The Nikkei .N225 gained 1.5 percent to 21,645.42, trading above its 200-day moving average of 21,359.22.

Wall Street bounced from an initial sell-off on Wednesday, as fears of a trade war between the United States and China eased somewhat after President Donald Trump's economic adviser Larry Kudlow said the administration was in "negotiation" with China, and not engaged in a trade war. broader Topix .TOPX advanced 1.1 percent to 1,724.61, with 28 of its 33 subsectors rising.

Precision machinery makers, real estate companies and banks outperformed. Terumo Corp 4543.T rallied 3.9 percent, Canon Inc 7751.T rose 2.3 percent, Mitsubishi Estate 8802.T climbed 2.3 percent, while Mitsubishi UFJ Financial Group 8306.T and Sumitomo Mitsui Financial Group 8316.T both advanced 1.9 percent.

Soy sauce maker Kikkoman Corp 2801.T jumped 3.1 percent on hopes of lower import cost.

Soybean prices tumbled 2.2 percent, after China announced plans to impose import duties on key U.S. imports including soybeans, beef and corn in retaliation for U.S. proposals to impose tariffs on $50 billion in Chinese goods.

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