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Wednesday, May 8, 2024

Tokyo shares open higher following US gains

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Tokyo shares opened higher on Tuesday after Wall Street rose modestly ahead of critical inflation data and major earnings announcements later in the week.

The benchmark Nikkei 225 index climbed 0.76 percent, or 244.23 points, to 32,433.96, while the broader Topix index added 0.51 percent, or 11.51 points, to 2,254.84.

“The Tokyo market is expected to start higher on the back of higher US stocks,” Monex senior market analyst Toshiyuki Kanayama said in a note.

In New York, the Dow Jones Industrial Average finished up 0.6 percent while the broad-based S&P 500 added 0.2 percent. The tech-rich Nasdaq Composite Index also climbed 0.2 percent.

Besides US consumer price data, this week’s calendar includes earnings from JPMorgan Chase and other large banks, as well as from Delta Air Lines and PepsiCo.

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The dollar fetched 141.37 yen in early Asian trade against 141.33 yen in New York and 142.43 yen in Tokyo on Monday.

In Tokyo, chip-linked shares were higher with Tokyo Electron gaining 1.11 percent to 20,120 yen and Advantest jumping 2.00 percent to 19,860 yen.

SoftBank Group was up 0.49 percent to 6,800 yen while industrial robot maker Fanuc rose 0.88 percent to 4,789 yen.

Toyota dropped 1.15 percent to 2,234 yen.

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