Nikkei rises amid speculation on Trump's electoral prospects

7/16/2024 8:42:29 AM

(MENAFN) On Tuesday, Japan's NIKKEI index saw a rise, mirroring gains on Wall Street as traders speculated that an assassination attempt on U.S. presidential candidate Donald Trump might enhance his chances of winning the upcoming November election. The Nikkei index closed 0.2 percent higher at 41,275.08, while the broader Topix index climbed 0.34 percent to 2,904.5. Japanese markets had been closed on Monday due to a public holiday.

U.S. Stocks had ended higher on Monday, with increased bets on a potential second term for Trump boosting hopes for a more flexible regulatory environment. Among the top gainers were Mitsubishi Heavy Industries, which surged 5 percent, and Kawasaki Heavy Industries, which rose 6.2 percent, driven by speculation of advantageous "Trump deals." The oil sector also performed well, with a 1.5 percent increase. However, gains were somewhat limited due to profit-taking in overnight trading.

Looking ahead, market participants are anticipating corporate earnings data, with expectations that exporters will report higher revenues thanks to a weaker yen. The yen has appreciated against the dollar since Thursday, leading to speculation that Tokyo may have intervened to support the currency, which had reached its lowest levels in 38 years.

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