Japan Stocks Extend Winning Streak Amid Hopes for US Trade Deals
Japan’s stocks advanced, with the Topix heading for an 11-day rally, after US President Donald Trump announced a trade framework with the UK and predicted China would be willing to make concessions.
Topix rose 1% to 2,724.81 as of 9:03 a.m. Tokyo time; set for longest back-to-back gain since 12-day climb in October 2017
Nikkei 225 advanced 1% to 37,309.22.
Toyota Motor contributed the most to the Topix’s gain, increasing 2.7%. Out of 1,689 stocks in the index, 1,102 rose and 427 fell, while 160 were unchanged.
“US stocks rose across all three major indices following the agreement on tariff negotiations between the US and the UK,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management. “Expectation for progress in negotiations at the upcoming US-China high-level talks in Switzerland also supports the market.”
Meanwhile, Commerce Secretary Howard Lutnick said the US will need an “enormous” amount of time to make trade deals with Japan and South Korea. “These are not going to be fast deals,” he told Bloomberg TV.
Source : Bloomberg
