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Japanese shares rise on Wall Street gains, robust corporate outlook

11/06/2022 | 10:23pm EST

TOKYO, Nov 7 (Reuters) - Japanese shares rose on Monday, underpinned by gains on Wall Street in the previous session, as investors scooped up stocks with a positive outlook in the middle of earnings season.

The Nikkei rose 1.21% to 27,528.66 by the midday break, while the broader Topix gained 1.02% to 1,934.90.

"Investors continued to look for shares with robust earnings," Nomura Securities strategist Maki Sawada said at a media briefing.

"Going forward, investors will be cautious ahead of closely-eyed U.S. comsumer price data which is due later this week."

Wall Street closed higher on Friday in volatile trading to snap a four-session losing streak, as investors wrestled with a mixed jobs report and comments from Federal Reserve officials on the pace of interest rate hikes.

Investors await a major event on Thursday when U.S. consumer prices for October are released, with any upside surprise set to test hopes for a step down in Fed hikes.

In Japan, JFE Holdings jumped 6.45% after Japan's No.2 steelmaker raised its annual profit outlook.

Peers Nippon Steel and Kobe Steel rose 3.43% and 3.24%, respectively, lifting the steelmaker index by 3.38% to make it the top gainer among the 33 industry sub-indexes on the Tokyo Stock Exchange.

Sanrio surged 13.92% after the owner of the Hello Kitty brand raised its annual outlook.

Heavyweights rose, with chip making equipment maker Tokyo Electron rising 3.58%, providing the biggest boost to the Nikkei. Uniqlo clothing store owner Fast Retailing rose 1.36%, while technology investor SoftBank Group climbed 1.4%.

On the other hand, office equipment maker Ricoh tanked 6.95% after cutting its annual profit outlook and Sharp fell 3.6% after the smartphone maker made a similar move. (Reporting by Junko Fujita; Editing by Rashmi Aich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.06% 0.70983 Delayed Quote.4.40%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2397 Delayed Quote.2.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7506 Delayed Quote.1.73%
EURO / US DOLLAR (EUR/USD) 0.00% 1.0866 Delayed Quote.1.78%
FAST RETAILING CO., LTD. 1.54% 78520 Delayed Quote.-2.50%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
JFE HOLDINGS, INC. 0.75% 1738 Delayed Quote.13.15%
JFE SYSTEMS, INC. 2.23% 2520 Delayed Quote.9.23%
KOBE STEEL, LTD. 1.73% 707 Delayed Quote.10.12%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.11% 0.6485 Delayed Quote.2.23%
NIKKEI 225 0.07% 27382.56 Real-time Quote.4.94%
NIPPON STEEL CORPORATION 1.30% 2757 Delayed Quote.20.29%
NOMURA CO., LTD. 0.22% 921 Delayed Quote.-4.16%
NOMURA CORPORATION 0.10% 1045 Delayed Quote.2.65%
RICOH COMPANY, LTD. 0.69% 1019 Delayed Quote.1.19%
SANRIO COMPANY, LTD. 2.25% 4780 Delayed Quote.0.00%
SHARP CORPORATION 1.61% 1073 Delayed Quote.13.55%
SOFTBANK GROUP CORP. -0.11% 6191 Delayed Quote.9.69%
TOKYO ELECTRON LTD. -0.13% 45480 Delayed Quote.16.98%
TOPIX INDEX 0.22% 1982.66 Delayed Quote.4.81%
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