Gold Drops to $1,200/oz for First Time Since June in New York
Japanese Shares Advance on Shipping Lines, Olympic Stocks
Building contractor Taisei Corp. rose the most on the Nikkei 225 Stock Average for a second day after Tokyo won its bid to host the 2020 Olympics. Mitsui O.S.K. Lines Ltd. climbed 4.2 percent after the Baltic Dry Index, a measure of commodity-shipping prices, posted its biggest advance in more than four years. Komatsu Ltd. (6301) jumped 4.7 percent on a report profit from its parts business will rise to a record.
The Topix gained 0.8 percent to 1,182.29 as of 9:18 a.m. in Tokyo, with all but two of the 33 subsectors rising. The Nikkei 225 (NKY) added 0.8 percent to 14,321.39.
Futures on the Standard & Poor’s 500 Index increased 0.1 percent. The measure gained 1 percent in New York yesterday to close at its highest level since Aug. 14, as corporate acquisitions including Koch Industries Inc.’s takeover of Molex Inc. fueled optimism. About $160 billion of mergers and acquisitions have been announced in the U.S. since the end of August, the most since 2007, data compiled by Bloomberg show.
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