Nikkei Climbs After the Rapprochement Between the US and China
The stock market in Japan ended on Friday with a solid profit. The news that Chinese and US trade representatives have pledged to comply with the trade deal between the two countries has brought relief to investors.
In addition, the official government job report from the US government, which will be released later today, was also looked forward to.
The Nikkei in Tokyo went up 2.6 percent over the weekend at 20,179.09 points. The Japanese stock exchange was only open for two days this week due to a holiday period.
Nintendo lost ground, with a price loss of almost 4 percent. Investors took advantage of the company’s strong annual figures to take a profit.
The maker of game consoles sold 21 million Switch game consoles in the fiscal year ended March, thanks in part to global lockdown measures. That was more than the company expected. For the new fiscal year, however, Nintendo expects a profit decline.
The Shanghai stock market advanced 0.9 percent in the meantime. Chinese Deputy Prime Minister Liu He, US trade envoy Robert Lighthizer and US Treasury Secretary Steven Mnuchin agreed on Friday to create favourable conditions for the first phase of the trade deal to be realized.
The countries also want to cooperate more in the field of economy and health care. Last week, US President Donald Trump blamed China for the virus outbreak and threatened new trade tariffs against the country.
In Hong Kong, the Hang Seng index gained 1.1 percent and the Kospi in Seoul gained 1 percent. The All Ordinaries in Sydney climbed 0.6 percent.
According to Reuters news agency, the Australian government is gradually easing the corona measures that have been in place since March, as the number of new infections in the country has fallen to about twenty cases a day.