Japan shares inch higher on strong machinery orders, U.S. tech rebound
10/09/2020 03:21
TOKYO, Sept 10 (Reuters) - Japanese shares edged higher on
Thursday as better-than-expected machinery orders data and Wall
Street's rebound from a three-day losing streak bolstered
investor sentiment.
The benchmark Nikkei share average .N225 rose 0.6% to
23,171.66, while the broader Topix .TOPX gained 0.76% to
1,617.63, both clawing back from a 1-1/2-week low marked in the
previous session.
Wall Street's main indexes closed higher overnight as
investors jumped back in to take advantage of the pullback in
tech-related stocks, a day after the Nasdaq .IXIC confirmed
correction territory. .N
Japan's technology and semiconductor stocks took cues from
U.S. peers and swung higher, with SoftBank Group Corp 9984.T
eking out gains of about 0.8% to snap a five-session run of
losses.
Internet service business Rakuten 4755.T jumped more than
7.5%, while semiconductor manufacturer Screen Holdings 7735.T
rose 2.12%.
Underpinning gains, Japan's core machinery orders, a leading
gauge of capital spending, rebounded in July from a sharp fall
in the previous month. urn:newsml:reuters.com:*:nL4N2G62LI
Cabinet Office data showed July's core machinery orders grew
6.3%, compared with a 1.9% gain expected by economists in a
Reuters poll.
Following the data release, precision motors maker Nidec
Corporation 6594.T rose 2.84% and electrical equipment
manufacturer Yaskawa Electric Corporation 6506.T gained 2.3%.
Factory automation machinery manufacturer Fanuc Corporation
6954.T , up 3.06%, was the biggest gainer among the top 30 core
Topix stocks.
Elsewhere in the market, Nintendo 7674.T added 1.94% after
Bloomberg News reported that the company raised its production
goal for gaming console Switch by another 20%. urn:newsml:reuters.com:*:nFWN2G50W8
(Reporting by Eimi Yamamitsu; Editing by Devika Syamnath)
((eimi.yamamitsu@thomsonreuters.com;))