August 14, 2019 / 2:56 AM / 2 months ago

Japanese stocks rebound on Trump's tariff delay; Apple suppliers shine

TOKYO, Aug 14 (Reuters) - Japanese stocks bounced on Wednesday, after Washington delayed tariffs on some Chinese imports in much-needed reprieve for markets, with chipmaking sectors and Apple-related firms enjoying the tailwind the most.

The Nikkei share average gained 0.6% to 20,584.90, recouping part of the 1.1% fall the previous day, while the broader Topix rose 0.5% to 1,494.23 by the midday break.

U.S. President Donald Trump on Tuesday backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on U.S. holiday sales.

The delay in tariffs on a substantial portion of a $300 billion list of remaining Chinese imports sent Wall Street stocks surging, after steep losses in the past week, with all three major indexes climbing more than 1.5%.

Shares of likely beneficiaries of the tariff delay soared overnight, with Apple Inc up 4.2% on news that its iPhone, tablet and laptop computer products would be included in the items list, while the Philadelphia semiconductor index gained 3.0%.

Taking positive cues from this, Tokyo-listed Apple-related electronic parts makers and chip-related firms jumped.

iPhone suppliers Taiyo Yuden leaped 6.3%, while Murata Manufacturing and TDK Corp climbed 2.9% and 4.4%, respectively.

Semiconductor manufacturing equipment maker Screen Holdings rallied 6.3% and chipmaking equipment supplier Tokyo Electron gained 1.7%.

Other notable movers include the Nikkei heavyweight Fanuc , up 1.6%, buoyed by an unexpected big rebound in Japan’s June machinery orders, in a possible sign corporate investment remains resilient to slowing global growth and international trade frictions. (Reporting by Tomo Uetake; Editing by Shri Navaratnam)

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