Japanese stocks rose for the first time in three day days after stability returned to China’s markets. Tire makers led gains, while suppliers to Apple Inc. declined.
The Topix index added 0.6 percent to 1,513.10 as of 9:03 a.m. in Tokyo, with all but five of its 33 industry groups rising. The Nikkei 225 Stock Average gained 0.4 percent to 18,444.15. The yen traded at 119.11 per dollar, near a two-month high. Markets stabilized on Tuesday after Chinese government funds propped up shares in the local market, according to people familiar with the matter. The Shanghai Composite Index cut losses of as much as 3.2 percent to close 0.3 percent lower.
E-mini futures on the Standard & Poor’s 500 Index slipped less than 0.1 percent after the underlying measure gained 0.2 percent Tuesday.
Apple, the world’s most valuable company, tumbled 2.5 percent to its lowest level since October after the Nikkei newspaper reported it cut production of its latest iPhone model by nearly a third. Suppliers Japan Display Inc. lost 2.6 percent and Alps Electric Co. declined 3.4 percent.