CORRECTED-Japanese shares rise 1% on U.S. stimulus hopes

  • Reuters
  • Stock Market News
CORRECTED-Japanese shares rise 1% on U.S. stimulus hopes
Credit: © Reuters.

(Corrects reference to milestone to Toho Co in paragraph 8, not Toshiba Corp in paragraph 9)

TOKYO, Oct 19 (Reuters) - Japanese shares gained more than 1% on Monday, tracking Wall Street futures higher in early Asian trade, on hopes of a new U.S. coronavirus relief deal before the presidential election.

The benchmark Nikkei share average .N225 rose 1.12% to 23,672.60, with 212 advancers on the index against 10 decliners. The broader Topix .TOPX gained 1.31% to 1,638.88.

All 33 sector sub-indexes on the Tokyo exchange traded higher, with shippers .ISHIP.T , rubber products .IRUBR.T and textiles .ITXTL.T being the three top performers on the main bourse.

Shares were lifted by S&P 500 e-mini futures EScv1 jumping 0.6% after U.S. House Speaker Nancy Pelosi said she was optimistic that legislation on a wide-ranging coronavirus relief package could be pushed through before the Nov. 3 election. with Treasury Secretary Steven Mnuchin in the Middle East until Tuesday, analysts suspect a deal to be a long shot.

On the Japanese data front, Japan's exports in September fell at a slower pace than in the previous six months as U.S.-bound shipments of cars started to recover from lows brought about by the COVID-19 outbreak, suggesting the pandemic's pressure on the economy was easing. shrugged off data from China showing economic recovery disappointed in the third-quarter, growing 4.9% from a year earlier and missing analyst expectations. and entertainment company Toho Co 9602.T soared nearly 4.5% to post its highest level since September 2019 after it made upward revisions to its net profit forecast. Toshiba Corp 6502.T climbed 3.24% after the company said it aims to generate $3 billion in revenue from its quantum cryptography by 2030.

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