Roundup: Tokyo stocks rise on JPMorgan data, China growth

19:21, April 15, 2010      

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Japan's Nikkei Stock Average rose for a second consecutive day Thursday as export and tech-related issues got a boost from positive U.S. earnings reports that lifted Wall Street overnight and provided investors with increased hope that the global economic recovery is on track.

The 225-issue Nikkei Stock Average added 68.89 points, or 0.61 percent, from Wednesday to 11,273.79. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 7.80 points, or 0.79 percent, to 998.90.

According to brokers better-than-expected first-quarter net income data released by U.S. firms like global tech bellwether Intel Corp. and more recently by JPMorgan Chase & Co. lifted investor sentiment Thursday and coupled with strong macroeconomic data released by China after the morning session, spurred buying of a wide range of equities: from financials, to export-related issues and shares of firms with an exposure in Chinese markets.

"There were some concerns earlier this week about earnings of U. S. financial companies, including JPMorgan, and the market is now receiving a lift after the actual report and strong gains in financial shares overnight," said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets.

JPMorgan Chase & Co., the second-biggest U.S. bank by assets, reported a 55 percent jump in first-quarter net income and further lifting market sentiment Thursday was Chinese government data showing the country's economy expanded 11.9 percent in the January to March period from a year earlier -- the fastest pace in almost three years

"The recovery in the world economy is not only being led by the U.S. but also by emerging economies," said one Tokyo-based equities strategist.

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