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Japanese shares rise on Wall Street gains, robust outlook

11/07/2022 | 02:06am EST

TOKYO, Nov 7 (Reuters) - Japanese shares ended higher on Monday, tracking a strong performance on Wall Street, as investors scooped up some stocks following the release of positive annual outlook.

The Nikkei rose 1.21% to 27,527.64, in its biggest intraday gain in a week, while the broader Topix climbed 0.98% to 1,934.09.

"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. consumer 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 U.S. 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 likely to be released, with any upside surprise set to test hopes for a step down in Fed hikes.

JFE Holdings jumped 7.25% after Japan's No.2 steelmaker raised its annual profit outlook.

Peers Nippon Steel and Kobe Steel rose 3.05% and 3.88%, respectively, lifting the steelmaker index by 3.31% to make it the top gainer among the 33 industry sub-indexes on the Tokyo Stock Exchange.

Sanrio surged 12.91% after the owner of the Hello Kitty brand raised its annual outlook.

Heavyweights rose, with chipmaking equipment maker Tokyo Electron rising 3.79%, providing the biggest boost to the Nikkei. Uniqlo clothing store owner Fast Retailing rose 1.5%, while air conditioner maker Daikin Industries rose 1.76%.

On the other hand, office equipment maker Ricoh tanked 7.84%% after cutting its annual profit outlook and Sharp fell 3.27% 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) 0.08% 0.69251 Delayed Quote.1.53%
BRITISH POUND / US DOLLAR (GBP/USD) 0.13% 1.20615 Delayed Quote.-0.35%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.03% 0.7454 Delayed Quote.1.00%
DAIKIN INDUSTRIES, LTD. 0.04% 22880 Delayed Quote.13.22%
EURO / US DOLLAR (EUR/USD) -0.04% 1.07879 Delayed Quote.0.85%
FAST RETAILING CO., LTD. 2.95% 82990 Delayed Quote.0.10%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.51% 0.012106 Delayed Quote.0.62%
JFE HOLDINGS, INC. 1.92% 1700 Delayed Quote.8.59%
JFE SYSTEMS, INC. -0.61% 2446 Delayed Quote.6.68%
KOBE STEEL, LTD. 1.76% 694 Delayed Quote.6.23%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.08% 0.63207 Delayed Quote.-0.37%
NIKKEI 225 0.67% 27693.65 Real-time Quote.5.42%
NIPPON STEEL CORPORATION 1.79% 2730 Delayed Quote.17.02%
NOMURA CO., LTD. 1.31% 925 Delayed Quote.-4.99%
NOMURA CORPORATION 0.29% 1040 Delayed Quote.1.77%
RICOH COMPANY, LTD. 0.60% 1002 Delayed Quote.-1.09%
SANRIO COMPANY, LTD. 0.31% 4900 Delayed Quote.2.20%
SHARP CORPORATION 1.58% 1091 Delayed Quote.13.65%
TOKYO ELECTRON LTD. -1.96% 46570 Delayed Quote.22.17%
TOPIX INDEX 0.45% 1979.22 Delayed Quote.4.15%
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