Nikkei surges nearly 3% after Wall St. gains, Intel earnings
Tuesday, July 13, 2021 10:22 PM

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TOKYO, Jul. 13, 2010 (Kyodo News International) --
(Editors: TO BE LED)

Japan's key Nikkei stock index surged nearly 3 percent to a nearly three-week high Wednesday morning as investor sentiment got a boost from an overnight jump on Wall Street and a stronger-than-expected earnings report from bellwether Intel (NASDAQ:INTC) Corp.

Trading above 9,800 for the first time since June 24, the 225-issue Nikkei Stock Average advanced 270.13 points, or 2.83 percent, from Tuesday to 9,807.36.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange gained 19.80 points, or 2.32 percent, to 874.19.

All 33 sectors on the TSE gained, with the sea transport sector being the biggest winner, followed by the transport equipment and air transport sectors.

Stocks gained after U.S. stocks rose sharply, with the Dow Jones Industrial Average ending Tuesday 1.44 percent higher at 10,363.02 for the sixth straight trading day of gains, brokers said.

Adding to the improved sentiment were doses of strong earnings reports from U.S. companies at a time when investors were worried about the strength of the U.S. and global economies. Following aluminum maker Alcoa Inc.'s strong second-quarter earnings, Intel released its report after Wall Street closed with stronger-than-expected earnings and outlook, boosting expectations for the U.S. earnings season.

''It is Intel that sent (Tokyo) stocks higher,'' said Masumi Yamamoto, market analyst at Daiwa Securities Capital Markets Co., adding that the company's earnings results and forecasts were ''positive'' for the market.

Major exporter shares, which include chipmakers and electronics, gained strongly, with brokers saying that a weaker yen against the euro was also giving a boost. The euro was trading around the 113 yen line, up from the upper 110 yen level late Tuesday in Tokyo.

 

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