Nikkei jumps after China-US truce lifts cyclical stocks

Published: December 03, 2018 11:41:30 | Updated: December 22, 2018 11:37:39

File Photo (Collected)

Japan’s Nikkei surged to a seven-week high on Monday after the United States and China on the weekend suspended new tariffs and agreed to try reaching a trade deal within 90 days, which lifted global cyclical stocks.

The Nikkei share average soared 1.4 per cent to 22,647.29 in mid-morning trade, after touching 22,677.29, the highest level since Oct. 18, reports Reuters.

Hitachi Ltd and TDK Corp surged 5.0 per cent, and Toyota Motor Corp advanced 3.5 per cent. Honda Motor added 2.0 per cent, Fanuc Corp 2.5 per cent and Yaskawa Electric 3.1 per cent.

Renesas Electronics, which has deepened a push into semiconductors for self-driving cars, jumped 11 per cent.

Nikkei Electronics quoted President Bunsei Kure as saying it will strive to stay on top in the self-driving field.

The broader Topix rose 1.6 per cent to 1,693.29.

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