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Japanese shares gain despite U.S.-China trade deal mix-up

Published 23/06/2020, 04:46
© Reuters.
JP225
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TMUS
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TOPX
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6902
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9984
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4661
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5949
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ITEQP.T
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TOKYO, June 23 (Reuters) - Japanese shares gained on Tuesday
despite the risk sentiment swinging back towards caution over
confusing statements from the White House on the U.S.-China
trade deal.
The Nikkei share average .N225 gained 0.82% to 22,621.84
by the midday break.
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.
However, the market slipped into the red in early trading
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. Navarro's comment caused a surge in risk sentiment, but
concerns were quickly toned down as Navarro later clarified that
his comment was taken out of context. The broader market Topix .TOPX gained 0.78% to 1,591.45,
with all but three of 33 sector sub-indexes on the Tokyo trading
higher.
Automotive parts manufacturer .ITEQP.T led as the biggest
advancer among the Tokyo Stock Exchange's subindexes, with
manufacturing companies Denso Corp 6902.T and Unipres Corp
5949.T rising 4.91% and 4.21%, respectively.
Oriental Land Co Ltd 4661.T , which had shut down its
Disney theme parks in response to the coronavirus, climbed 2.94%
after the company said it will reopen Tokyo Disneyland and
DisneySea in July. SoftBank Group Corp 9984.T also gained 2.94% after the
company announced its plans to divest more than $21 billion
worth of stock in U.S. wireless carrier T-Mobile US Inc
TMUS.O , seeking funding for a $41 billion share buyback and
debt reduction plan.

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