Japan's Nikkei edges up on corporate outlook optimism

Kao

08/08/2022 03:46

TOKYO, Aug 8 (Reuters) - Japan's Nikkei index edged higher
on Monday, underpinned by gains in Bandai Namco and other shares
that reported robust outlook, while caution ahead of the release
of U.S. consumer prices report limited gains.
    The Nikkei share average  .N225  rose 0.23% to 28,241.09 by
the midday break, after opening lower. The broader Topix  .TOPX 
inched up 0.05% to 1,948.16. 
    On Friday, the S&P 500 and Nasdaq ended lower, while the Dow
Jones Industrial Average gained, after a solid jobs report
torpedoed recent optimism that the Federal Reserve might let up
its aggressive campaign to reign in decades-high inflation. .N 
    Data showed U.S. employers hired far more workers than
expected in July, the 19th straight month of payrolls expansion,
with the unemployment rate falling to a pre-pandemic low of
3.5%.  urn:newsml:reuters.com:*:nL1N2ZG2G3
    Investors are now awaiting June U.S. consumer prices report
due on Wednesday, which could see a slight pullback in headline
growth, but likely a further acceleration in core
inflation. MKTS/GLOB 
    "Wall Street had a mixed reaction to the payroll data so it 
is hard for investors to make an active bets in Japan. They are
awaiting for the U.S. CPI data before making any active bets,"
said Takatoshi Itoshima, strategist at Pictet Asset Management
Japan.
    "As long as Fed's policy decision is based on economic data,
investors would have to keep waiting new key indicators to make
a decision for their bets."
    In Japan, Bandai Namco  7832.T  advanced 3.96% and was one
of the top boost for the Nikkei after the game maker raised its
half-year profit forecast.  urn:newsml:reuters.com:*:nXB1XH26NP
    Suzuki Motor  7269.T  surged 8.56 after the automaker
reported a 36.8% jump in its latest quarterly operating profit.
 urn:newsml:reuters.com:*:nXB1ROB5ZC
    Canon  7751.T  rose 3.73% after the camera and office
equipment maker announced its second share buyback this year.
 urn:newsml:reuters.com:*:nFWN2ZGA4Y
    Drug maker Daiichi Sankyo  4568.T  rose 5.08% and was the
top gainer among the top 30 core Topix names, followed by
Mitsubishi UFJ Financial Group  8306.T , which rose 1.67%,
    Insurer Tokio Marine Holdings Inc  8766.T  fell 4.79% and
was the worst performer among the top 30 core Topix names.
      



 (Reporting by Junko Fujita)
 ((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))