Nikkei rises as solid U.S. stocks, rebound in oil prices calm jitters

miércoles 7 de enero de 2015 22:26 GYT

* All 33 subsectors in positive territory
    * McDonald's Japan slides to 11-month low
    * Corporate earnings likely to lift stocks in late Jan -

    By Ayai Tomisawa
    TOKYO, Jan 8 (Reuters) - Japanese stocks rose on Thursday
morning with all subsectors up after gains in U.S. and European
shares and a rebound in oil prices eased investor jitters.
    The Nikkei rose 1.8 percent to 17,187.02 by
mid-morning, after adding 0.01 percent on Wednesday, just
managing to snap a four-day losing streak.
    Wall Street was supported after strong private sector U.S.
jobs data and as minutes from the last Federal Reserve meeting
reassured investors the central bank was in no hurry to start
raising interest rates.
    European shares rallied on reports of deflation for the
eurozone, which had investors speculating that the European
Central Bank will enhance its stimulus program.
    Oil prices bounced back, snapping a four-day losing streak.
    "Sentiment is supported by such overseas developments and
investor concerns are eased for now," said Toshihiko Matsuno,
chief strategist at SMBC Friend Securities.
    He said Thursday's gains are seen as a technical rebound,
but the Japanese market is expected to start seeing solid gains
as companies start reporting October-December earnings.
    "Exporters as well as companies that benefit from inbound
demand will likely lead gains in the market starting at the end
of the month," he said.
    In the longer-term, analysts expect companies to post strong
full-year earnings, and Daiwa Securities forecasts Japanese
companies to post a 9.7 percent rise in their pretax profits for
the year ending March compared to the previous one.
    According to Daiwa senior strategist Makoto Morita, the
forecast is conservative as it is based on an foreign exchange
rate at 110 yen against the dollar, and the forecast will likely
be revised.
    "A double-digit gain is possible this fiscal year," Morita
said, adding that if the yen weakens by 10 yen against the
dollar, it will push up pretax profits by 3 percent.
    On Thursday, exporters were in demand as the dollar climbed
back above 119.00 yen, pulling away from a three-week
trough of 118.36 plumbed on Tuesday.
    Toyota Motor Corp rose 1.8 percent, Honda Motor Co
 added 1.8 percent and Advantest Corp gained
2.2 percent.
    McDonald's Japan slipped 2.0 percent to an 11-month
low in heavy trade after it apologised to customers after
objects including a tooth and plastic were found in its food.
    The broader Topix added 1.2 percent to 1,375.96,
with all 33 of its subsectors rising. The JPX-Nikkei Index 400
 gained 1.3 percent to 12,465.45.

 (Editing by Richard Borsuk)