Japan's Nikkei gains for third day on China optimism; subdued earnings weigh [Financial Post (Toronto, Ontario, Canada)]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: Financial Post
The Nikkei traded mostly sideways in the afternoon session to close 0.42% higher at 26,659.75, after briefly dipping into the negative territory in early trade before rallying with other regional markets after Chinese equities opened higher. Most of those gains, however, fizzled into the midday break. Energy shares led gains among sub-indexes on the Nikkei, jumping 3.62% after crude oil rallied overnight on expectations for a recovery in Chinese demand. The broader Topix added 0.19% to 1,866.71. Sentiment was bolstered as Shanghai achieved the long-awaited milestone of three straight days with no new COVID-19 cases outside quarantine zones, which could lead to the beginning of the lifting of restrictions. Uniqlo store owner Fast Retailing, which has many Chinese outlets, gained 0.67%. Department store operator Isetan Mitsukoshi Holdings climbed 5.27%. Oil company Inpex jumped 5.64%, making it the second-biggest mover in percentage terms, after video-game maker Konami Holdings, wh
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