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Japanese shares rebound after brief Sino-U.S. trade mix-up

Published 23/06/2020, 08:17
© Reuters.
JP225
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TOPX
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6702
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6902
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4661
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ITEQP.T
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TOKYO, June 23 (Reuters) - Japanese stocks bounced back to
end firmer on Tuesday after a brief market volatility following
confusing statements from the White House on the U.S.-China
trade deal.
The benchmark Nikkei share average .N225 ended 0.50%
higher at 22,549.05.
The market initially tracked overnight gains in Wall
Street's three major indexes, with a boost from technology
stocks as investors focused on the potential for more government
stimulus measures.
Earlier in the session, the Tokyo market had slipped into
the red after White House trade adviser Peter Navarro said that
the trade deal with China is "over" in an interview with Fox
News. He linked the breakdown in part to China not sounding the
alarm earlier about the coronavirus outbreak. However, investors concerns were quickly toned down after
Navarro clarified that his comment was "taken wildly out of
context." U.S. President Donald Trump assured soon after on Twitter
that the trade deal with China was "fully intact." The broader market Topix .TOPX gained 0.51% to 1,587.14,
with nearly three-fourth of 33 sector sub-indexes on the Tokyo
trading higher.
Automotive parts manufacturer .ITEQP.T led the advancers
on the Tokyo Stock Exchange's sub-indexes, gaining 1.36%, after
domestic media reported on Monday that the Chinese government
said it would include hybrid vehicles under new green-car
category.
Car electronics and electrical parts maker Denso Corp
6902.T added 4.16%.
Oriental Land Co Ltd 4661.T , which had shut down its
Disney theme parks in response to the coronavirus, rallied 3.24%
after the company said it will reopen Tokyo Disneyland and
DisneySea next month. Elsewhere, Fujitsu Ltd 6702.T added 2.77% after the
company-backed supercomputer, the Fugaku, took the top spot
among the world's most powerful computers.

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