Tokyo shares track Wall Street higher on upbeat U.S. economic data

Tokyo shares track Wall Street higher on upbeat U.S. economic data

Reuters  | Jun 30, 2020 05:54

Tokyo shares track Wall Street higher on upbeat U.S. economic data

TOKYO, June 30 (Reuters) - Japanese shares rose on Tuesday,
as overnight Wall Street gains on stimulus hopes and
better-than-expected U.S. economic data bolstered investors'
risk appetite.
The benchmark Nikkei average .N225 rose 1.76% to 22,381.22
by the midday break, while the broader Topix .TOPX rose 1.21%
to 1,567.90, both rebounding from the lowest close hit in the
previous session.
Wall Street shares closed higher on Monday, as investors
pinned hope on more economic stimulus as COVID-19 cases
continued to rise. MKTS/GLOB
U.S. pending home sales data showed a quick recovery in
housing market activity in May, with contracts to buy previously
owned homes rising by the most on record to 44.3%. All but one of 33 sector sub-indexes on the Tokyo exchange
traded higher on Tuesday, with highly cyclical shippers
.ISHIP.T , iron and steel .ISTEL.T and non-ferrous metals
.INFRO.T being the top three performing sectors.
The yen JPY= softened against the dollar to 107.70,
providing a tailwind for Japan's automaker stocks, with Honda
Motor Co Ltd 7267.T climbing 3.03% and Nissan Motor Co Ltd
7201.T adding 2.51%.
Shares of Tokyo-listed aircraft components makers tracked
U.S. peers higher, after a 14% surge in Boeing Co's stock BA.N
after the company began its certification flight testing of a
737 MAX. Jamco Corp 7408.T jumped 6.11%, while Toray
Industries Inc 3402.T advanced 3.33%.
The market showed little response to Chinese factory
activity data which increased at a stronger than expected pace
in June.
China's official manufacturing Purchasing Manager's Index
expanded to 50.9 in June from 50.6 in the previous month but
export orders remained weak, suggesting the economy is still
battling with uncertainties amid economic recovery.

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