Tokyo stocks open higher as US jobs data eyed

TOKYO: Tokyo stocks opened slightly higher on Friday, underpinned by a solid performance on Wall Street while investors waited for key US jobs data.

The benchmark Nikkei 225 index gained 0.10% or 22.11 points to 21,747.06 in early trade while the broader Topix index was up 0.16% or 2.62 points at 1,622.67.

“Japanese stocks will remain firm” with the yen on a weak note and after the blue-chip Dow Jones Industrial Average closed higher, Okasan Online Securities said in a commentary.

Profit-taking may emerge on stocks that had risen recently but it could also provide a good opportunity to buy on dips, it added.

Investors are waiting for news on a breakthrough in US-China trade talks.

“Markets are expecting some sort of a political deal through (anticipated) US-China summit talks,“ Mutsumi Kagawa, chief global strategist at Rakuten Securities, said in a commentary.

The market is also waiting for monthly US jobs data later in the day for clues about the health of the world’s biggest economy and its monetary policy.

The dollar was firm before the key data, changing hands 111.73 yen against 111.66 yen in New York Thursday afternoon.

In Tokyo trading in individual stocks, Nomura rose 1.29% to 424.8 yen after the brokerage house announced cost-cutting measures.

Nintendo gained 1.02% to 32,780 yen while Honda lost 0.51% to 3,148 yen. — AFP

Read More Here...

Bookmark the permalink.