Japanese stocks rose on Thursday morning
2018-04-05 03:31 am | Resource: NEWS | No Views : 125
Japanese stocks rose on Thursday morning after Wall Street bounced back from a sell-off triggered by an escalating U.S.-China trade spat.
The Nikkei jumped 1.7 percent to 21,680.83 in midmorning trade, trading above its 200-day moving average of 21,343.43.
Wall Street bounced from an initial sell-off on Wednesday, as fears of a trade war between the United States and China eased somewhat after President Donald Trump’s economic adviser Larry Kudlow said the administration was in “negotiation” with China, and not engaged in a trade war.
The broader Topix advanced 1.2 percent to 1,726.28, with 30 of its 33 subsectors rising.
Precision machinery makers, drugmakers and real estate companies outperformed. Terumo Corp rallied 4.3 percent, Canon Inc rose 2.2 percent, Chugai Pharmaceutical advanced 4.3 percent and Eisai gained 3.7 percent, while Mitsubishi Estate climbed 2.5 percent.
Soy sauce maker Kikkoman Corp jumped more than 3 percent on hopes of lower import cost.
Soybean prices tumbled 2.2 percent, after China announced plans to impose import duties on key U.S. imports including soybeans, beef and corn in retaliation for U.S. proposals to impose tariffs on $50 billion in Chinese goods
Time frame Used - four hours The NASDAQ 100 is moving in a bearish direction in the near term The purchasing power managed to control the movement of the NASDAQ 100 index to break the resistance level around 7315 levels to reach the level of 7380 where it faced resistance and selling pressure pushed it to retreat In view of the technical indicators Both the RSI and the Stochastic are…
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