BUSINESS Tokyo stocks open higher with eyes on US jobs data

BUSINESS

Tokyo stocks open higher with eyes on US jobs data

AFP

09:12, July 02, 2020

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Tokyo stocks opened higher on Thursday as traders invested in high-tech shares following rallies on the Nasdaq on Wall Street, while awaiting US jobs data due later in the day.

The benchmark Nikkei 225 index was up 0.43 percent or 95.30 points at 22,217.03 in early trade, while the broader Topix index edged up 0.47 percent or 7.30 points to 1,545.91.

"Japanese shares are starting with rallies but the upside would be limited as investors are awaiting US jobs data" said Okasan Online Securities.

About 30 minutes into trade, the Nikkei dipped into negative territory, down around 0.2 percent.

Toyota was up 1.04 percent at 6,725 yen despite reports US electric car maker Tesla overtook the Japanese carmaker to become the world's most valuable car company by total market value.

Other carmakers were also higher, with Honda gaining 1.61 percent to 2,743 yen and Nissan up 0.99 percent at 396.6 yen.

Other major shares were mixed, with telecom and investment giant SoftBank Group trading up 2.11 percent at 5,668 yen, parts maker Murata Manufacturing down 0.67 percent at 6,227 yen and Canon off 0.24 percent at 2,081.5 yen.

On Wall Street, the Nasdaq surged to a fresh record Wednesday led by Amazon, Netflix and other tech giants, while the Dow retreated as the US contends with a resurgent coronavirus crisis.

The Dow ended down 0.3 percent at 25,734.97, but the tech-rich Nasdaq Composite Index ended up 1.0 percent.


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