Tokyo shares bounce back on renewed U.S.-China trade deal hopes

  • Reuters
  • Stock Market News
Tokyo shares bounce back on renewed U.S.-China trade deal hopes
Credit: © Reuters.

By Tomo Uetake

TOKYO, Nov 15 (Reuters) - Japanese stocks rebounded on Friday as White House comments that Washington and Beijing were close to striking a trade deal sparked buying in cyclical and financials.

The benchmark Nikkei share average .N225 rose 0.7% to 23,303.32, though it was 0.4% down for the week.

White House economic adviser Larry Kudlow said on Thursday an agreement with China could be reached soon, providing a fillip to investor confidence. broader Topix .TOPX gained 0.7% to 1,696.67, with all but two of its 33 subsectors finishing in positive territory.

High-beta shares, or those that are sensitive to economic cycles were among the biggest gainers, with shippers .ISHIP.T advancing 1.6% and brokerages .ISECU.T climbing 1.4%.

Interest rate-sensitive REITs performed well on falling global bond yields, with TSE REIT index up 1.2%. TOP/DBT

Other notable gainers included companies whose earnings results surprised positively.

Japan Post Insurance 7181.T , hit by a scandal involving improper sales practices, jumped 5.9% after it forecast a 11.7% year-on-year increase in net profit for the current financial year through March. scandal-ridden financial institution, Suruga Bank 8358.T , soared 7.4% on its April-September earnings results. 9468.T surged 6.1% to 2 1/2-year highs after the publishing and web services company raised its profit outlook. Intecc 7747.T rose 4.4% after the medical equipment maker's quarterly profits beat market expectations. losers, messaging app firm Line 3938.T shed 4.7% and the operator of Yahoo Japan Z Holdings 4689.T dived 7.1% after massive gains the previous day on news that the two technology firms are in merger talks. that mid-year earnings season is almost over and given a lack of fresh trading cues, it's a little bit of a Goldilocks situation today," a trader at an equity investment firm said.

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