Japan's Nikkei rises as investors pick up beaten-down tech shares [Financial Post (Toronto, Ontario, Canada)]
FAST RETAILING UNSP/ADR (FRCOY)
NASDAQ:AMEX Investor Relations:
fastretailing.com/eng/ir
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Source: Financial Post
Advertisement By 0220 GMT, the Nikkei share average was up 0.9% at 26,399.73. The broader Topix had gained 0.5% to 1,879.01. “Investors took a fresh view on technology and growth stocks as U.S. yields stabled. They were buying back shares that fell too much.” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities. U.S. President Joe Biden considering scrapping tariffs on a range of Chinese goods to curb inflation also lifted overall sentiment, Arisawa said. With U.S. markets closed due to a holiday on Monday, European stocks rallied 0.8% and Britain’s FTSE rose over 1%. Back in Japan, Uniqlo owner Fast Retailing rose 2.89% to become the biggest boost for the Nikkei on Tuesday. Technology investor SoftBank Group rose 1.89% and chip making equipment maker Tokyo Electron gained 0.68%. Mobile phone services provider KDDI climbed 1.23%, rebounding from a previous session’s loss, which was fueled by a system failure that affected almost 40
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