News

Japanese Shares End Higher on Strong U.S. Job Data

0

Japanese shares closed higher on Monday, as strong U.S. jobs data lifted optimism about a recovery in the worlds largest economy, prompting investors to buy index heavyweights SoftBank Group and Fast Retailing along with chiprelated stocks.

The Nikkei share average ended 0.82 higher at 30,089.25, hitting the 30,000mark for the first time in more than two weeks. The broader Topix gained 0.6 to close at 1,983.54.

The U.S. labour department said on Friday nonfarm payrolls surged by 916,000 jobs last month, the biggest gain since last August and well above economists median forecast of 647,000.

Investors have reacted very positively to the strong data for U.S. employment, said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

U.S. bond yields rose shortly after the jobs data came out and that is boosting Japanese bank shares as well.

Index heavyweights Fast Retailing, an operator of Uniqlo brand clothing stores, gained 2.35, while tech startup investor SoftBank Group rose 2.1.

Chiprelated shares rose, with Advantest rising 1.9, Tokyo Electron gaining 0.36, and ShinEtsu Chemical adding 0.16.

Banking and securities sectors also advanced, with Nomura Holdings jumping 4.3. Mitsubishi UFJ Financial Group gained 3.05, Sumitomo Mitsui Financial Group rose 3.21, and Mizuho Financial Group advanced 2.81.

Shipping firms received a big boost after Mitsui OSK Lines , up 5.71, on Friday raised its annual current profit forecast to 120…

Indias Factory Activity Slows on Renewed COVID19 Lockdowns

Previous article

Global Money Market Funds Obtain Highest Inflows in 14 Weeks

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News