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TOKYO: Japan’s Nikkei share average eked out small gains erasing earlier losses on Monday, helped by a turn up in US stock futures and a rise in Chinese equities, while energy stocks rallied on higher oil prices.

The Nikkei share average rose 0.30% to 27,844.26 by the midday break, after starting the session down at 27,523.95 on tech-led losses on Wall Street from the end of last week.

Tech was still Nikkei’s worst performing sub sector, down 0.27%, but stocks including chipmaking equipment giant Tokyo Electron swung to a 1.15% gain by the break.

Energy was by far the best performing sub sector, soaring 2.54%, with Idemitsu Kosan and ENEOS gaining 3.47% and 3.23%, respectively. The broader Topix added 0.1%.

US Nasdaq futures gained 0.65% on Monday, after the index lost 2.67% on Friday as a strong US jobs report raised fears of very aggressive Federal Reserve policy tightening. S&P 500 futures signalled a 0.48% rebound, following a 1.63% slide for the stock benchmark.

Other notable gainers on the Nikkei included Uniqlo store operator Fast Retailing, rising 1.47%, and Nintendo advancing 0.73%.

Nikkei rises on Fast Retailing boost; US jobs data in focus

Travel stocks got a boost from expectations for a restart to the government’s GoTo Travel campaign, with airline ANA Holdings rising 2.66% and travel agent H.I.S. up 2.15%.

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