Tokyo stocks opened higher on Tuesday

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Tokyo stocks opened higher on Tuesday after Wall Street powered to new records, with investor sentiment buoyed by strong US manufacturing data.

The benchmark Nikkei 225 index rose 0.37 percent, or 76.12 points, to 20,476.90 in early trade while the broader Topix index was up 0.43 percent, or 7.19 points, at 1,680.81, reports BSS.

“The Japanese stock market today is likely to gain ground following rises in US stocks,” Okasan Online Securities said in a commentary.

“The row over Catalonian independence as well as the Las Vegas shooting have not led to moves to shun risks,” it said. “Their impact will be limited.”

Spain has faced a spiralling crisis with its Catalonia region after a banned independence referendum was marred by shocking scenes of police violence.

In the United States, a lone shooter opened fire with multiple weapons on concert-goers on the famed Las Vegas Strip, killing at least 59 people.

Nonetheless, all three US indices pushed to fresh record highs on Monday, with the Dow Jones Industrial Average gaining 0.7 percent to 22,557.60, following strong economic data.

US manufacturing activity rose to its highest level in September in 13 years, according to data from the Institute for Supply Management. The dollar held steady, trading at 112.74 yen on Tuesday from 112.71 yen in New York Monday afternoon.

Nissan climbed 0.96 percent to 1,095 yen as investors shrugged off news late Monday it was recalling some 1.2 million cars in Japan that had failed to meet domestic rules on final vehicle inspections.

Other automakers also gained ground on the back of confidence in the US economy, with Toyota up 0.38 percent at 6,727 yen and Honda up 0.56 percent at 3,368 yen.

Banks were also higher with Mitsubishi UFJ gaining 0.55 percent to 728.5 yen and Sumitomo Mitsui Financial rising 0.13 percent to 4,302 yen.


This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
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