Market Commentary - Foreign Markets
Japan's Nikkei outperforms in catch-up trade As on : 13-Aug-24  15:58

Japanese markets saw strong gains to extend a rebound from late last week following hawkish signals from the Bank of Japan. The Nikkei average jumped 3.45 percent to 36,232.51 while the broader Topix index surged 2.83 percent to 2,553.55.

Exporters benefited from a softer yen, with automakers Nissan, Honda Motor and Toyota Motor climbing 2-3 percent.

Technology stocks including Tokyo Electron, Screen Holdings and Advantest surged 6-8 percent after Nvidia Corp. boosted the Philadelphia Stock Exchange Semiconductor Index. Technology investor SoftBank Group rallied 3.8 percent.

Japan's producer price inflation accelerated slightly in July to the highest level in nearly a year, the Bank of Japan said on Tuesday.

The producer price index climbed 3.0 percent year-over-year in July, following a 2.9 percent rise in June. On a monthly basis, producer prices moved up 0.3 percent in July after rising 0.2 percent in June.

Japan's machine tool orders increased for the third straight month in July on the back of a surge in foreign demand, preliminary data from the Japan Machine Tool Builders Association, or JMTBA, showed on Tuesday.

Machine tool orders climbed 8.4 percent year-on-year in July, slower than the 9.7 percent gain in the previous month.

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