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STOCKS-MARKETS-JAPAN-OPEN
Tokyo shares open higher on US-China trade hopes
TOKYO, May 10, 2019 (BSS/AFP) – Tokyo shares opened higher Friday on hopes
for a last-ditch bid to avert the US threat to slap tariffs on Chinese goods,
as the two sides resumed trade talks.
The benchmark Nikkei 225 index rose 0.32 percent, or 68.52 points, to
21,470.65 in early trade, while the broader Topix index added 0.11 percent,
or 1.71 points, at 1,552.42.
Players watched nervously as US and Chinese officials resumed bilateral
talks, with Washington threatening to increase tariffs on Chinese goods from
1:01 pm Japan time (0401 GMT), should their talks break down.
However, US President Donald Trump said he may hold a phone conversation
with his Chinese counterpart Xi Jinping, lifting investors’ spirit.
“Once the Trump comments were reported, optimism returned that an
agreement with China is within reach,” said Okasan Online Securities in a
commentary.
Regional markets were likely to take a wait-and-see stance with caution
until the US-China talks end, said Jeffrey Halley, senior market analyst at
OANDA.
“It leaves both negotiating teams precious little time to come up with
something that satisfies both sides,” he wrote in a note.
“The markets themselves appear to have settled into a cautious wait-and-
see mode, but the peace is fragile, and it won’t take much today to panic
investors into heading for the exit door en masse.”
The dollar stood at 109.86 yen, firming from 109.71 yen in New York.
Among major shares, Sony added 2.48 percent to 5,462 yen and Uniqlo-
operator Fast Retailing rose 0.57 percent to 65,340 yen.
Nintendo climbed 0.73 percent to 37,030 and Toyota was up 0.67 percent to
6,589 yen.
BSS/AFP/HR/0935