Nikkei soars over 3 pct on US stocks rise, Abe's victory boosts confidence

domingo 10 de julio de 2016 22:29 GYT
 

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By Ayai Tomisawa

TOKYO, July 11 (Reuters) - Japan's Nikkei share average soared more than 3 percent on Monday after U.S. stocks rose and the country's ruling coalition won a landslide victory in upper house elections, boosting confidence in the market.

The Nikkei jumped 3.6 percent to 15,654.82 points by mid-morning trade, the highest since July 5.

Prime Minister Shinzo Abe's coalition victory is expected to bolster his grip over the conservative party that he led back to power in 2012 promising to revive the economy with hyper-easy monetary policy, fiscal spending and reforms.

"Abe's victory boosted confidence in investor sentiment, and winning a two-thirds majority sends foreign investors a message that Abe's policies will progress," said Hikaru Sato, a senior technical analyst at Daiwa Securities.

The benchmark S&P 500 stock index brushed against its record closing high on Friday as Wall Street rallied after a much-larger-than-expected jump in jobs growth confirmed the U.S. economy has regained speed after a first-quarter lull.

All of the Topix's 33 subsectors were in positive territory.   Continuación...