Nikkei seen rising, markets await U.S. election result
TOKYO, Nov 7 (Reuters) - Japan's Nikkei share average is expected to rise on Wednesday in line with gains in U.S. stocks, but is seen holding a tight band as markets await the result of the U.S. presidential election. Market players said a weaker yen would support Japanese exporters, with the dollar holding above 80 yen. "All eyes are on the outcome of the election, so once the market rises in early trade, it will probably stay in a narrow range," said Kenichi Hirano, a strategist at Tachibana Securities. Analysts said the Nikkei was likely to trade between 8,950 to 9,100 on Wednesday. Nikkei futures in Chicago closed at 9,045, up from the close in Osaka of 8,980. U.S. stocks climbed on Tuesday, the last day of trading before the U.S. election results came to a close, as investors looked forward to a resolution to the drawn-out race for the White House. On Wednesday, the Nikkei slipped 0.4 percent to 8,975.15, dropping below its 5-day moving average of 8,981.79. The broader Topix was also 0.4 percent lower at 744.88. The benchmark Nikkei is up 6.1 percent this year, trailing a 13.6 percent rise in the U.S. S&P 500 and a 12.4 percent gain in the pan-European STOXX Europe 600 index. > Wall St jumps as election waiting nears the end > Dollar eyes U.S. presidential race, AUD shines > Bonds fall as auction lackluster; vote eyed > Gold jumps 2 pct on Obama bets, technical bounce > Oil up with Wall Street as U.S. goes to the polls STOCKS TO WATCH --NISSAN MOTOR CORP Nissan cut its full-year net profit forecast by 20 percent to 320 billion yen ($3.99 billion), joining rival Honda Motor , after car sales tumbled in China, the world's biggest autos market, amid anti-Japanese protests over a territorial dispute. --MARUBENI CORP Marubeni which in May sealed a $5.6 billion deal to buy U.S. grain merchant Gavilon, said on Tuesday it is still waiting for Chinese regulators to approve the deal, but denied tensions between Tokyo and Beijing are causing the holdup.
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