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Japan's Nikkei rebounds in broad-based buying after Wall Street comeback
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Japan's Nikkei rebounds in broad-based buying after Wall Street comeback
Jul 28, 2024 8:42 PM

TOKYO, July 29 (Reuters) - Japan's Nikkei share average

rebounded on Monday from a three-month low hit in the previous

session, after Wall Street closed higher at the end of last week

on a benign inflation report.

The Nikkei rose 1.99% to 38,415.75 by the midday

break in a broad-based rally, while the broader Topix

was up 1.88% at 2,750.28.

The Nikkei fell for an eighth straight session on Friday,

hitting its weakest level since late April amid a surge in the

yen and declines in U.S. technology stocks.

Wall Street's major indexes ended higher on Friday as

investors flocked back to tech megacaps that had triggered broad

sell-offs earlier in the week, and U.S. inflation data boosted

optimism that the Federal Reserve will soon commence cutting

interest rates.

"The decline in U.S. technology shares has finally paused...

so that seems to be working as a positive factor" for Japanese

equities, said Masahiro Ichikawa, chief market strategist at

Sumitomo Mitsui DS Asset Management.

Investors snapped up shares on the dip, with all but 10

shares of the Nikkei's 225 constituents advancing.

Big names surged to give the overall index a hefty lift.

Chip-related shares Tokyo Electron ( TOELF ) and Advantest ( ADTTF )

were up 2.7% and 3.4%, respectively.

AI-focused startup investor SoftBank Group ( SFTBF ) climbed

nearly 3%, and Uniqlo parent Fast Retailing ( FRCOF ) rose 1.4%.

All 33 of the Tokyo Stock Exchange's industry sectors

gained.

The rally comes ahead of the Bank of Japan and the Fed's

policy meetings on July 30-31, and earnings from more of the

United States' so-called Magnificent Seven.

Among individual stocks, Shin-Etsu Chemical ( SHECF ) surged

6.8% after the silicon wafer maker beat its operating profit

forecast for the April-June period.

Eisai ( ESALF ) tumbled 12% to hit the bottom of the pack,

after the European Union regulator rejected the drugmaker's

Leqembi treatment for early Alzheimer's disease.

(Reporting by Brigid Riley; Editing by Subhranshu Sahu)

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