Tokyo stocks open higher as Japan exits recession

Tokyo stocks open higher as Japan exits recession
People look at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, Nov. 12, 2020. Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. (AP Photo/Eugene Hoshiko)
Short Url
Updated 16 November 2020

Tokyo stocks open higher as Japan exits recession

Tokyo stocks open higher as Japan exits recession
  • Japan’s economy exited recession in the third quarter

TOKYO: Tokyo stocks opened higher on Monday supported by gains on Wall Street with investors digesting Japan’s third-quarter GDP figures, which showed an exit from recession.
The benchmark Nikkei 225 index was up 1.13 percent or 286.11 points at 25,671.98 in early trade, while the broader Topix index gained 1.16 percent or 19.80 points to 1,723.02.
“Japanese shares are seen gaining on rallies on US stocks, while investors are closely watching Japan’s GDP figures for the July-September quarter,” which were released 10 minutes before the opening bell, Toshiyuki Kanayama, senior market analyst at Monex, said in a commentary.
Japan’s economy exited recession in the third quarter, growing a better-than-expected 5.0 percent thanks to a rise in domestic demand and exports, government data showed Monday, as signs of recovery began to emerge after a record contraction.
Traders are also awaiting China’s industrial output and retail sales due later in the day, Kanayama added.
The dollar fetched 104.69 yen in early Asian trade, against 104.62 yen in New York late Friday.
Among major shares in Tokyo, business cycle-sensitive stocks and some exporters were higher, with chip-making equipment maker Tokyo Electron rallying 2.29 percent to 31,740 yen, Sony trading up 1.81 percent at 9,326 yen and Toyota up 1.35 percent at 7,415 yen.
On Wall Street, the Dow ended up 1.4 percent to close at 29,479.81.


Riyadh investment forum sends ‘message of optimism’ with global linkup

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
Updated 54 min 31 sec ago

Riyadh investment forum sends ‘message of optimism’ with global linkup

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event. (AFP/File Photo)
  • FII embraces unique high-tech format in bid to reinvent global economy

DUBAI: Olympic medalists, political leaders, Nobel laureates and global CEOs are among speakers due to take part in the fourth edition of the Future Investment Initiative (FII), a two-day event that will embrace a hybrid format for the first time when it starts on Wednesday.

Jamaican eight-time Olympic gold medalist Usain Bolt is one of the star speakers among the 150 names set to take part in the event, organized under the theme “The Neo-Renaissance.”

Travel restrictions as a result of the coronavirus pandemic mean some speakers will attend in person in Riyadh, while many others will participate virtually from hubs in New York, Paris, Beijing and Mumbai.

Other high-profile speakers announced in recent days include Sen. Matteo Renzi, former prime minister of Italy; Kevin Rudd, former Australian prime minister; Alberto Fernandez, president of Argentina; and Bruno Le Maire, French finance and economy minister.

READ MORE: FII confirms over 140 global speakers for 2021 event

FII is described as an international platform for debate between global leaders, investors and innovators. In 2019, 24 investment deals worth $20 billion were announced at the event, as the Saudi Arabian economy opened up to foreign investment.

Richard Attias, CEO of organizing body the FII Institute, told Arab News that pandemic restrictions mean the 2021 event will be “totally different” from the first editions.

“But we still need to carry a message of optimism, a message that the global economy should not stop and cannot stop. This is why we are hosting this conversation in a unique format.

“The conversation will be about the rebirth of the global economy. In fact, this rebirth will be the neo-renaissance of the global economy. I hope this renaissance will positively affect all sectors. Under the leadership of the FII Institute, speakers and participants will discuss how the investment world, the sports industry, the sustainability industry — how all these industries will be reinvented.”

Attias said that the two-day event will embrace “first time ever” conference technology, “which is bringing together all participants in a virtual world.”