Economy

Steel companies put Japanese stock market considerably higher | Financial

The other major stock markets in the Asian region showed a mixed picture despite the new closing record of the Dow Jones index on Wall Street. Investors took little risk in anticipation of the major US jobs report, to be released Friday.

The main index in Tokyo, the Nikkei 225, ended 1.8 percent higher at 29,331.37 points. Steel producers Nippon Steel and JFE Holdings were among the strongest risers with profits of over 8 percent. Technology companies were under pressure following the exchange rate losses among American peers.

Nissan added 3 percent. The Japanese carmaker sold its approximately 1.5 percent stake in German rival Daimler, owner of Mercedes. Nissan wants to use the proceeds for the further development of electric cars.

In Shanghai, where investors also returned after a long holiday period, the stock market indicator recorded 0.1 percent in the minus in the meantime. The Hang Seng index in Hong Kong climbed 0.5 percent. Chinese vaccine maker Sinopharm plummeted more than 7 percent in Hong Kong after reports that the United States is backing the proposal to release patents on corona vaccines.

The All Ordinaries in Sydney lost 0.5 percent. Beijing announced that it would end the economic dialogue with the Australian government. Australia and China have been in a trade dispute since Canberra last year called on the international community to investigate the origin of the coronavirus.

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