Tokyo shares rebound in morning trade

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Tokyo stocks reversed earlier losses and emerged above water in Friday morning trade, following a surprise aggressive rate hike by the European Central Bank.

The benchmark Nikkei 225 index opened in the negative but soon gained 0.18 percent or 48.98 points to 27,851.98, while the broader Topix index also trimmed losses and was down 0.03 percent, or 0.68 points, to 1,949.91.

The mood among investors was generally buoyant after Wall Street advanced overnight, boosted by strong earnings from bellwether companies like Tesla, analysts said. “But many uncertain factors are lurking on the horizon to make the trading top-heavy,” Okasan Online Securities said.

For example, the Philadelphia Fed manufacturing index has fallen sharply this month, according to newly released data, with future activity seen weakening further.

 

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