Japanese Shares Rise Amid U.S. Gains as Investors Weigh Earnings

Japanese shares rose for the first time in four days, tracking gains in U.S. shares, as companies including Suzuki Motor Corp. and TV Tokyo Holdings Corp. gained on earnings.

The Topix index advanced 0.7 percent to 1,281.29 as of 9:08 a.m. in Tokyo. The Nikkei 225 Stock Average climbed 0.7 percent. The yen traded at 101.29 per dollar after weakening 0.4 percent on Wednesday. The S&P 500 Index climbed 0.3 percent on gains in crude prices and as corporate earnings helped boost financial shares. U.S. nonfarm payrolls data for July are due Friday.

Futures on the S&P 500 climbed 0.1 percent. The underlying measure snapped a two-day retreat on Wednesday in a late day surge as a rebound in crude oil boosted energy producers, offsetting declines in defensive shares.

Earnings season continues in Japan, with Toyota Motor Corp. scheduled to report after the market close on Thursday. Of the 256 companies that have reported earnings so far and for which Bloomberg has estimates, 54 percent have beaten analyst expectations for profit, while 58 percent fell short of predictions for sales.

Strategists and investors see the Topix rising to 1,350 by year-end, according to the median forecast in a Bloomberg News survey as of Aug. 3. The benchmark gauge has fallen 18 percent this year through Wednesday, the second-worst performer out of 24 developed markets. 

Source: Bloomberg

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U.S. Stocks Fall Most in Four Weeks Amid Renewed Growth Worries

U.S. stocks declined the most in four weeks, as sliding crude prices and lackluster consumer spending data revived anxiety that global growth will falter.

Equities narrowly avoided their worst day since the selloff following Britain’s vote to leave the European Union, with automakers pummeled as sales disappointed while retailers had the steepest drop in five weeks. Pfizer Inc. fell 2.5 percent after leaving its full-year forecast unchanged, even as quarterly profit and sales exceeded predictions, and Apple Inc. lost 1.5 percent to weigh on the technology group.

The S&P 500 Index retreated 0.6 percent to 2,157.06 at 4 p.m. in New York, marking the first back-to-back declines since the Brexit vote. The Dow Jones Industrial Average fell for a seventh day, the longest losing streak in nearly a year.

Source : Bloomberg

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