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Japan Nikkei gains 1.14%

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Headline indices of the Japan share market closed higher on Tuesday, 06 November 2018, as investor sentiment was lifted by solid domestic earnings reports and yen deprecation to lower 113 yen zone against greenback. However, market gains were modest ahead of the US midterm congressional elections. Total 32 issues of the TSE33 issues inclined, with shares in Pharmaceutical, Insurance, Wholesale Trade, Oil & Coal Products, Iron & Steel, Transportation Equipment, Pulp & Paper, and Mining issues being notable gainers. At closing bell, the 225-issue Nikkei index inclined 248.76 points, or 1.14%, at 22,147.75. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 18.96 points, or 1.16%, to 1,659.35.

The elections in U. S. are widely seen as a referendum on Republican President Donald Trump's first two years in the White House, with his party favoured to retain its majority in the U. S. Senate and while the opposition Democrats are expected to capture a majority in the U.

S. House of Representatives. Investors across the world are closely watching the elections, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.

ECONOMIC NEWS: The services sector in Japan continued to expand in October, and at a faster rate, the latest survey from Nikkei revealed on Monday with a PMI score of 52.4. That's up from 50.2 in September, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction. The October reading also touched a six-month index high. The survey also said its composite index climbed to 52.5 from 50.7 a month earlier.

CURRENCY NEWS: Japanese yen, widely viewed as a safe haven currency, was changed to lower 113 yen zone against greenback. The dollar was quoted at 113.26-27 yen compared with 113.15-25 yen in New York and 113.18-19 yen on Monday in Tokyo. The euro, meanwhile, fetched 129.21-25 yen against 129.09-19 yen in New York and 128.81-85 yen in Monday trade in Tokyo.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 12:18 IST
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