Tokyo Stocks Open Lower With Eyes On Toyota Earnings

Tokyo stocks opened lower on Wednesday after a mixed close on Wall Street, as investors awaited Toyota earnings report due later in the trading day.

Tokyo Stocks Open Lower With Eyes On Toyota Earnings

The benchmark Nikkei 225 index was down 0.32 percent or 92.99 points at 29,412.94 in early trade, while the broader Topix index edged down 0.22 percent or 4.32 points to 1,921.22.

“Japanese shares are seen starting with declines following a mixed close in the US market, with attention on Toyota earnings report due at 13:25 (0425 GMT),” Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.

The Dollar fetched 104.56 Yen in early Asian trade, against 104.61 yen in New York late Tuesday.

Nissan was up 0.76 percent at 634.3 yen after it upgraded its full-year forecast for the second straight quarter, as the global auto industry shows signs of recovery from the coronavirus pandemic.

Honda rallied 5.17 percent to 3,131 yen after it said net profit more than doubled in the third quarter and revised up its full-year forecast.

Toyota was trading up 1.01 percent at 8,075 yen ahead of its third-quarter earnings report.

Japan Tobacco nosedived 8.44 percent to 1,969.5 yen after it announced a restructuring plan including an early retirement scheme for 1,000 jobs and the closure of several domestic plants.

On Wall Street, the tech-rich Nasdaq edged to a fresh record, extending a bull run for markets buoyed by rising hopes for fiscal stimulus and expectations of a strong economic rebound.

However, the Dow Jones Industrial Average was essentially flat, dipping less than 0.1 percent to end at 31,375.83, retreating slightly from an all-time high set Monday, and the broad-based S&P 500 slipped 0.1 percent.

Originally published at Urdu point

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