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Japanese stocks end at 5-1/2-week high on global stimulus hopes

Stock MarketsSep 09, 2019 08:30
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© Reuters. Japanese stocks end at 5-1/2-week high on global stimulus hopes

By Tomo Uetake

TOKYO, Sept 9 (Reuters) - Japanese shares hit a 5-1/2-week

closing high on Monday, supported by hopes that stimulus from

the world's largest economies would help stave off a global

recession.

The benchmark Nikkei average .N225 ended 0.56% firmer at

21,318.42, while the broader Topix .TOPX rose 0.91% to

1,551.11 - their highest closing levels since Aug. 2.

"Three big worries for financial markets - namely, the

U.S.-China trade war, Brexit jitters and Hong Kong protests -

have retreated and contributed to the risk-on sentiment," said

Masayuki Kubota, chief strategist, Rakuten Securities.

Global equity markets received a lift after China's central

bank said on Friday it was cutting the amount of cash that banks

must hold as reserves, releasing liquidity to shore up a slowing

economy dragged down by the Sino-U.S. trade war. Risk sentiment also improved as U.S. Federal Reserve

Chairman Jerome Powell said on Friday that the central bank will

continue to act "as appropriate" to sustain the economic

expansion in the world's biggest economy. However, broader stock market gains were tempered in the

wake of lacklustre economic data - U.S. job growth slowed more

than expected in August, while earlier on Monday data showed

Japan's economy grew at a slower pace than initially estimated

in the second quarter. All of Tokyo's 33 sub-sectors ended in positive territory,

with oil and coal products .IPETE.T and construction stocks

.ICNST.T among the top performing sectors, up 1.6% and 1.5%,

respectively.

Elsewhere, regional bank shares rallied broadly, buoyed by

growing speculation of further consolidation in the industry

after SBI Holdings and Shimane Bank announced a capital tie-up

plan on Friday.

Tsukuba Bank 8338.T ended 9.8% firmer, Tochigi Bank

8550.T soared 9.2% and Bank of Kochi Ltd 8416.T advanced

4.6%, while Shimane Bank 7150.T , which jumped by daily limit

of 16.4% in the previous session, added 1.6%. SBI Holdings

8473.T closed 1.2% higher.

Bucking the broad market trend, Nissan Motor 7201.T dipped

0.2% after the Nikkei newspaper reported Chief Executive Hiroto

Saikawa as saying he wanted to "pass the baton" to the next

generation as soon as possible.

A source told Reuters the carmaker's nominating committee

will discuss Saikawa's resignation and possible successors on

Monday.

Japanese stocks end at 5-1/2-week high on global stimulus hopes
 

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