INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyTOKYO: Tokyo's Nikkei closed higher on Tuesday in quiet trade during Japan's Golden Week holiday
period, as investors took to the sidelines ahead of key earnings and economic data in the US.
The benchmark Nikkei 225 index rose 0.18 per
cent, or 40.16 points, to end at 22,508.03 but the broader Topix index fell 0.17 per cent, or 3.05 points, to 1,774.18.
Bargain-hunting
replaced morning selling, with "appetite intensifying for individual shares with good earnings reports", Yoshihiro Ito, chief strategist at
Okasan Online Securities, said in a commentary.
Trade across the region was thin, with most markets closed for public holidays
Japanese markets are open just two days this week.
Sydney ended 0.54 per cent higher but Wellington eased 0.1 per cent.
Worries about US
policy on Iran and trade pushed Wall Street into the red Monday, despite a strong start with good earnings from McDonald's and several
merger announcements.
The Dow closed down 0.6 per cent, with the SP 500 off 0.8 per cent.
On oil markets Brent edged up six cents to $74.75
a barrel, while West Texas Intermediate was also six cents higher, at $68.64 as traders keep watch on developments in the Middle
East.
Israeli Prime Minister Benjamin Netanyahu said he had fresh evidence Iran was continuing with a nuclear weapons programme, breaking an
international agreement that US President Donald Trump will consider the future of this month.
"Netanyahu stoked the geopolitical fires by
accusing Iran of lying about its past nuclear intentions," said Stephen Innes, head of Asia Pacific trade at OANDA.
The "hawkish retort not
only increases the odds the US will pull out of the deal", a reference to a 2015 nuclear agreement, "but raises the spectre of Israel taking
military action against Iranian nuclear facilities".
The dollar changed hands at 109.40 yen in late Asian trade, slightly higher than 109.20
yen in New York late Monday, providing some support to Japanese exporters.
Investors are watching for Apple's earnings report later Tuesday,
as well as the US Federal Reserve's policy decision on Wednesday
That is followed by key US jobs data on Friday.
"US jobs data this weekend requires attention as momentum for a rise in salaries is emerging
in the US," leading to stronger inflation and worries about a rate hike by the Fed, said Tsuyoshi Nomaguchi, strategist at Daiwa
Securities.
In Japan, Sony tumbled 6.05 per cent to 5,073 yen after the electronics giant reported profits worth $4.5 billion but forecast a
moderate slowdown ahead.
SoftBank closed up 0.65 per cent at 8,557 yen after its US subsidiary Sprint and T-Mobile, a division of Germany's
Deutsche Telecom, announced they will form a new company.
Sprint and T-Mobile tumbled in New York on worries their proposed telecom mega
merger would be blocked by antitrust regulators.
Honda ended down 0.98 per cent at 3,730 yen after its full-year operating profit forecast
missed expectations, while Hitachi rallied 6.07 per cent to 850.3 yen after its full-year forecast was in line with market consensus,
according to Bloomberg News.
The dollar fetched 109.30 yen in Asian trade, against 109.20 yen in New York late Monday
The greenback was also slightly higher against the pound and euro.
