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Asia's automakers gain after report of China slashing car import tariffs

Nikkei 225

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Asia stocks were higher on Wednesday with shares of automakers in China, Japan and South Korea jumping following news reports that China would cut tariffs on cars made in the U.S. to 15 percent from the current 40 percent.

Japanese stocks led gains in the region: The Nikkei 225 was up more than 2 percent, while the Topic index was up 1.95 percent in afternoon trade.

Automakers were among the biggest gainers in Japan, following in the footsteps of their peers in the U.S. after reports emerged that China was moving to cut tariffs on cars. Yamaha Motor surged 4.31 percent, Mitsubishi Motor jumped 2.75 percent, while Toyota inched up 2.24 percent. Nissan, reeling from a recent scandal involving former Chairman Carlos Ghosn, saw a more moderate gain of 0.8 percent.

Over in South Korea, stocks were also higher with the Kospi gaining 1.11 percent to 2,075.81 from Tuesday's 2,052.97 points. The Kosdaq Index was up 1.62 percent to 671.69 from the previous close of 661.01 points.

Source: CNBC


 Trader Aleksandar Kumanov

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