financetom
Market
financetom
/
Market
/
Japan's Nikkei rises as markets await US election outcome
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Japan's Nikkei rises as markets await US election outcome
Nov 5, 2024 8:49 PM

(Updates at 0220 GMT)

TOKYO, Nov 6 (Reuters) - Japan's Nikkei share average

tracked Wall Street's strong finish on Wednesday as market

participants awaited indications of the outcome of a knife-edge

U.S. presidential election.

The Nikkei was up 1.9% at 39,211.84, as of 0216

GMT, while the broader Topix gained 1.6% at 2,706.51.

U.S. stocks closed sharply higher in a broad rally on

Tuesday after data signalled a solid economy, but investors

braced for volatile trading this week as voting was underway in

an extremely tight presidential election.

The Nikkei accelerated gains as the dollar strengthened

against the yen. The dollar climbed 1% to 153.22 yen.

A weaker yen tends to boost Japanese exporters' overseas

earnings when repatriated.

"The market is looking ahead of the election outcome

already, with the dollar gaining and Japanese stocks rising,"

said Yugo Tsuboi, chief strategist at Daiwa Securities.

Risk money started flowing into global equities after strong

U.S. economic data, said Shigetoshi Kamada, general manager at

the research department at Tachibana Securities.

"That lifted Japanese stocks. Whoever becomes the U.S.

President, the U.S. economy looks to remain solid and that's a

follow wind for U.S. equities."

The Institute for Supply Management said its

non-manufacturing purchasing managers index, a gauge of the

services sector, accelerated to 56.0 last month, its highest

since August 2022.

In Japan, technology stocks led the gains, with chip-testing

equipment maker Advantest ( ADTTF ) jumping 6.3% to become the

biggest boost to the Nikkei.

Toyota Motor ( TM ) slipped 0.68% ahead of its earnings

announcement later in the day.

"Toyota's ( TM ) outlook will be a gauge for the market to confirm

fundamentals of local firms, which we need to see for further

gains of the Nikkei" said Kamada.

Shares of Nintendo ( NTDOF ) jumped 4.3% even as the gaming

company cut its operating profit forecast for the year to March

2025 by 10%.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US STOCKS-Wall St holds firm after strong GDP report; Fed, tech earnings in focus
US STOCKS-Wall St holds firm after strong GDP report; Fed, tech earnings in focus
Jul 30, 2025
* Indexes: Dow flat, S&P 500 up 0.11%, Nasdaq up 0.22% * Humana up after raising annual profit forecast * Visa falls after leaving full-year forecasts unchanged * U.S. GDP up 3% in Q2 (Updates with market open prices) By Nikhil Sharma and Pranav Kashyap July 30 (Reuters) - Wall Street held its ground on Wednesday, as investors digested robust...
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
Jul 30, 2025
(Reuters) -Wells Fargo Investment Institute on Wednesday became the latest Wall Street research house to lift its year-end target for the S&P 500 index, citing tariff delays and strong corporate earnings. The Wells Fargo bank subsidiary sees the benchmark index ending 2025 between 6,300 and 6,500, up from a prior range of 5,900 to 6,100. The target raise follows U.S....
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
Jul 30, 2025
(Reuters) -Wells Fargo Investment Institute on Wednesday became the latest Wall Street research house to lift its year-end target for the S&P 500 index, citing tariff delays and strong corporate earnings. The Wells Fargo bank subsidiary sees the benchmark index ending 2025 between 6,300 and 6,500, up from a prior range of 5,900 to 6,100. The target raise follows U.S....
Top Midday Stories: US GDP, Private Payrolls Rise More Than Expected; Visa Posts Higher Non-GAAP Earnings, Revenue
Top Midday Stories: US GDP, Private Payrolls Rise More Than Expected; Visa Posts Higher Non-GAAP Earnings, Revenue
Jul 30, 2025
11:40 AM EDT, 07/30/2025 (MT Newswires) -- Wall Street's major market averages were mixed around midday trading on Wednesday as traders assessed robust economic data ahead of the conclusion of the Federal Open Market Committee's two-day policy-setting meeting. US economic growth, measured by gross domestic product, rose by 3% in the advance estimate of Q2, above a 2.6% gain expected...
Copyright 2023-2026 - www.financetom.com All Rights Reserved