Japanese stocks rose on the day of the nation’s biggest initial public offering since 1998, joining a global rally.
The Topix index climbed 1.4 percent to 1,547.52 as of 9:02 a.m. in Tokyo following a holiday on Tuesday. The Nikkei 225 Stock Average added 1.5 percent to 18,955.11. Gains for commodity producers boosted U.S. stocks, with the Standard & Poor’s 500 Index rallying for a second day to close within 1 percent of its record high. Japan Post Holdings Co. and its banking and insurance unit were untraded at the open.
E-mini futures on the S&P 500 Index slipped 0.1 percent after the underlying measure gained 0.3 percent on Tuesday as higher energy prices, record-low interest rates and better-than-forecast corporate earnings stoked demand for U.S. equities. Recent data on manufacturing from America to Europe topped estimates, adding to evidence that unprecedented monetary stimulus is bolstering demand. Crude rose to a three-week high.
The listing of Japan Post Holdings and its banking and insurance units is the world’s biggest IPO this year and Japan’s biggest since 1998. More than 80 percent of the shares are being sold to individuals as the government hopes the $12 billion privatization will spur households to put more of the country’s enormous pool of household savings in to the stock market.