Nikkei at 8-mth highs, Wall St rally makes markets less edgy over trade

Japan’s Nikkei advanced to fresh eight-month highs led by an upbeat Wall Street performance, with commodity stocks rising as investors appeared to gravitate to the view that the U.S.-China trade row would be less damaging to growth than first feared.

The Nikkei share average gained 0.8 percent to 23,864.04 in midmorning trade, the highest level since January 24. The market eyes another milestone ahead, as the Nikkei edges closer to the 24,129.34 hit on Jan. 23, a break of which will put it at the highest point since November 1991.

For the week, the Nikkei has risen 3.1 percent so far.

Reuters

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Nikkei edges up as financials rise, momentum slows after extended surge

Japan’s Nikkei share average inched up on Thursday as financial shares extended their rise, although advances were limited as market momentum slowed after several days of big gains.

The Nikkei was up 0.23 percent at 23,728.33 and headed for its fifth gaining day.

The index has risen nearly 3 percent this week, climbing to an eight-month high on Wednesday in line with a bounce in global equities.

The market was lifted by Wall Street, with the Dow hitting its highest closing level since January overnight.

Banking, securities and insurance shares continued to lead gains in Japanese stocks with the recent spike in U.S. Treasury yields boosting their Wall Street financial sector peers.

Reuters

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Nikkei nears 8-month highs; insurers rally after U.S. yields rise

Japan’s Nikkei extended its gains to near eight-month highs on Wednesday as investors took heart from a strong performance in Wall Street despite lingering trade war concerns, with financial stocks rallying after U.S. yields jumped.

The Nikkei share average jumped 1.6 percent to 23,804.65 in midmorning trade, the highest level since late January. If the Nikkei tops 24,129.34 hit on Jan. 23, it will be the highest point since November 1991.

The broader Topix also notched a new milestone, rising 1.6 percent to hit more than a three-month high of 1,787.36.

While foreign investors have been net sellers of Japanese stocks to the tune of 7.5 trillion yen so far this year, there are some bright spots, analysts said.

Reuters

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