Nikkei soars to more than 3-week high; Topix Core 30 stocks gain ground

Japan’s Nikkei share average soared to more than a three-week high after large market capitalization stocks in the Topix’s Core 30 stocks led the gains, while Inpex attracted buying after it won a stake in an Abu Dhabi oil concession.

The Nikkei gained 1.4 percent to 22,460.85 in midmorning trade, after climbing as high as 22,502.05, the loftiest since Feb. 5.

The Topix Core 30 index, which represents 30 stocks with large market capitalization and liquidity on the main board, jumps 1.4 percent to a near three-week high after Wall Street gained after investor concerns about rising interest rates receded.

Hitachi surged 2.8 percent, Keyence soared 2.2 percent and Takeda Pharmaceutical rose 2.5 percent.

The mining sector was the best sectoral performer and was up 2.7 percent, after Inpex Corp soared 3.0 percent on news that it has been awarded a 10 percent interest in the Lower Zakum offshore concession by Abu Dhabi.

The broader Topix added 1 percent to 1,792.62

Source: Reuters

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Dow Climbs More Than 200 Points, About 4% Shy of Its All-Time High at The Open, as Inflation Concerns Ebb

U.S. stock benchmarks trade higher Monday morning, as worries about the inflation picture and rising rates recede.

The Dow Jones Industrial Average rose about 215 points, or 0.9%, at 25,524, while the S&P 500 index was up 0.7% at 2,765. The Nasdaq Composite Index climbed 0.8% to 7,391. The Nasdaq is less than 2% shy of its Jan. 26 record, while the Dow is about 4.1% from its all-time peak, while the S&P 500 is just 3.7% short of its late January record, highlighting the recent rally for those benchmarks since tumbling by at least 10% on Feb. 8.

Concerns that inflation could be returning to markets, and that the U.S. central bank may have to more aggressively raise interest rates to combat such a scenario, has been the primary driver of trading in recent weeks, even eclipsing a strong earnings season. In corporate news, United Parcel Service Inc. announced it is suing the European Union’s antitrust watchdog for $ 2.15 billion plus interest over its decision to block a $ 7 billion merger with Dutch-based TNT Express NV in 2013.

Source : Marketwatch

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Nikkei climbs to near 3-week high as Wall St rally supports

Japan’s Nikkei share average rose to near three-week highs on Monday, with most sectors advancing as investor confidence continued to improve after Wall Street made steady gains.

The Nikkei ended the day up 1.2 percent at 22,153.63, after earlier touching 22,226.53, the highest since Feb. 7.

The largest percentage gainer in the index was Ube Industries Ltd up 4.75 percent, and on the losing side Tokai Carbon Co Ltd fell the most with a 4.41 percent slump.

Of Tokyo’s 33 sub-indexes, 31 gained, with defensive stocks like pharmaceuticals in the lead.

Overall, market gains were limited by caution ahead of new Federal Reserve Chair Jerome Powell’s semi-annual Congressional testimony starting on Tuesday.

Investors will be looking for clues on his views on monetary policy at a time when equity markets are fretting over rising U.S. yields and the risks of faster-than-expected interest rate rises.

The broader Topix was 0.8 percent higher at 1,774.81.

Source: Reuters

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