Saturday, April 13, 2024
HomeAccidentJapan’s Nikkei Soars on Optimism Over End to U.S. Rate Hikes

Japan’s Nikkei Soars on Optimism Over End to U.S. Rate Hikes

Japan’s benchmark Nikkei stock index closed sharply higher Wednesday on buying spurred by optimism as U.S. inflation data fuelled hopes of an end to interest rate hikes.

The 225-issue Nikkei Stock Average ended up 823.77 points, or 2.52 percent, from Tuesday at 33,519.70.

The broader Topix index, meanwhile, finished 27.93 points, or 1.19 percent, higher at 2,373.22.

Market players said stocks surged, tracking gains on Wall Street overnight in response to softer-than-expected data showing U.S. consumer prices in October were flat from the previous month and rose 3.2 percent over the prior year.

The highly anticipated U.S. inflation report showed overall price increases slowed last month, raising the prospect that the Federal Reserve may refrain from further interest rate hikes, analysts said.

On the top-tier Prime Market, gainers were led by oil and coal products, precision instruments and electric appliance issues.

Chip-testing equipment maker Advantest jumped 334 yen, or 7.5 percent, to 4,797 yen, and Tokyo Electron advanced 885 yen, or 3.8 percent, to 24,115 yen.

source

RELATED ARTICLES

TRANSLATE

Most Popular