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Company News

Japan shares track Wall Street gains on partial U.S. stimulus hopes

TOKYO, Oct 8 (Reuters) - Japanese shares rose on Thursday, following an upbeat Wall Street session overnight, as hopes for a partial deal on U.S. coronavirus stimulus boosted investor sentiment.

The benchmark Nikkei share average rose 0.91% to 23,636.35 by the midday break, with 176 advancers on the index against 42 decliners.

The broader Topix gained 0.62% to 1,656.73.

All but three of 33 sector sub-indexes on the Tokyo exchange traded higher, with shippers, iron and steel and paper and pulp leading advancers on the main bourse.

After abruptly calling off negotiations on a comprehensive bill on Tuesday, President Donald Trump later urged Congress to pass piece-meal aid packages for targeted industries, small business and consumers battered by the coronavirus pandemic.

Tokyo stocks were also boosted by a moderate rise in E-Mini futures for the S&P 500, up 0.27% in Asian trade, as the U.S. vice-presidential debate kicked off.

Japan’s semiconductor shares rose on positive cues from their U.S. counterparts, with Screen Holdings jumping more than 6.6%, Advantest Corp climbing 5.57% and Disco Corp adding 3.13%.

Bucking the overall firmness, airlines fell 1.14%, as they have been hammered by a collapse in international air travel due to the coronavirus outbreak.

ANA Holdings fell 1.61% after it proposed to the labour unions at its main carrier ANA to seek workers to leave voluntarily. The company also said it was cutting winter bonuses to zero and reducing monthly salaries.

Meanwhile, Japan Airlines slipped 0.54% after its president said on Thursday the company wants to bolster discount carrier operations to capture tourism demand.

Elsewhere, the Mothers Index of start-up firms rose 1.30%, and was set to post gains for a fourth consecutive day. (Reporting by Eimi Yamamitsu; Editing by Vinay Dwivedi)

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