Nikkei rises for third day thanks to Fast Retailing and Nintendo gains

Japan’s Nikkei index closed higher for the third consecutive session Friday after weak trading, led by gains for Uniqlo clothing chain operator Fast Retailing and video game maker Nintendo, while fears of an economic slowdown limited the gains.

The Nikkei index closed up 0.54% at 26788.47 points, after swinging for most of the session.

While the broader Topix index fell 0.03%, the Nikkei index ended the week with a gain of 1.02%, while the Topix rose 0.27%.

Futures on the Euro Stoxx 50 Index are up 0.86% before markets open in Europe, while FTSE 100 futures are up 0.39%.

Trading was quiet ahead of a long weekend, with markets closed on Monday for a public holiday.

The GDP data released by China, which came in below expectations, did not seem to affect trading in Japan.

The focus is now on the US retail sales report due later in the day. Some market participants said that stock prices are likely to be negatively affected if the data indicate negative effects of inflation.

Fast Retailing was the best performer on the Nikkei, rising 8.70% after expectations of a full-year profit increase.

Shares of Nintendo Inc. rose 3.16% with its plans to acquire Animation Studio.

Utilities stocks rose after Prime Minister Fumio Kishida said he wants to operate 9 nuclear power reactors by winter, up from 5 currently.

Despite the Nikkei’s overall gains, 155 of the 225 listed companies declined, and Concordia Financial Group was the worst performer, dropping 3.85%.