Japanese shares rise 1% on U.S. stimulus hopes

Toho Co (Tokyo)

19/10/2020 04:33

TOKYO, Oct 19 (Reuters) - Japanese shares gained more than
1% on Monday, tracking Wall Street futures higher in early Asian
trade, on hopes of a new U.S. coronavirus relief deal before the
presidential election. 
    The benchmark Nikkei share average  .N225  rose 1.12% to
23,672.60, with 212 advancers on the index against 10 decliners.
The broader Topix  .TOPX  gained 1.31% to 1,638.88.
    All 33 sector sub-indexes on the Tokyo exchange traded
higher, with shippers  .ISHIP.T , rubber products  .IRUBR.T  and
textiles  .ITXTL.T  being the three top performers on the main
bourse.
    Shares were lifted by S&P 500 e-mini futures  EScv1  jumping
0.6% after U.S. House Speaker Nancy Pelosi said she was
optimistic that legislation on a wide-ranging coronavirus relief
package could be pushed through before the Nov. 3 election. 
 urn:newsml:reuters.com:*:nL1N2H903E
    But with Treasury Secretary Steven Mnuchin in the Middle
East until Tuesday, analysts suspect a deal to be a long shot.
    On the Japanese data front, Japan's exports in September
fell at a slower pace than in the previous six months as
U.S.-bound shipments of cars started to recover from lows
brought about by the COVID-19 outbreak, suggesting the
pandemic's pressure on the economy was easing.  urn:newsml:reuters.com:*:nL4N2H906U
    Markets shrugged off data from China showing economic
recovery disappointed in the third-quarter, growing 4.9% from a
year earlier and missing analyst expectations.  urn:newsml:reuters.com:*:nB9N2D4018
    Film and entertainment company Toho Co  9602.T  soared
nearly 4.5% after it made upward revisions to its net profit
forecast.  urn:newsml:reuters.com:*:nXB0LSCACQ
    Elsewhere, Toshiba Corp  6502.T  climbed 3.24% to post its
highest level since September 2019 after the company said it
aims to generate $3 billion in revenue from its quantum
cryptography by 2030.  urn:newsml:reuters.com:*:nL4N2H71GJ

 (Reporting by Eimi Yamamitsu; Editing by Amy Caren Daniel)
 ((eimi.yamamitsu@thomsonreuters.com;))