Nikkei climbs over 2 pct on Spain plans, earnings

* CSK soars on stronger-than-expected profit forecast

* Nissan down after earnings forecast lags consensus

TOKYO, May 13 (BestGrowthStock) – Japan’s Nikkei average rose over 2
percent on Thursday after Spain outlined measures to cut its
deficit, easing fears the Greek debt crisis could spread in
Europe and boosting exporters such as Advantest (6857.T: ).

Shares of companies with upbeat earnings and outlooks found
favour as well, with information services company CSK Holdings
(9737.T: ) surging more than 14 percent after it forecast a jump in
profit this financial year.

Concerns that Greece’s debt crisis could spill over to other
euro-zone nations with high borrowings eased on Wednesday as
Spanish Prime Minister Jose Luis Rodriguez Zapatero said Madrid
would slash civil service pay by 5 percent this year, freeze it
in 2011 and cut 13,000 public sector jobs. [ID:nLDE64B0SK]

The news sent European and U.S. stocks (Read more about the stock market today. ) higher.

“The euro zone problems had really weighed on the market, and
reassurance after the Spanish announcement has allowed investors
to turn their eyes to things like earnings and economic
indicators for the first time in days,” said Toshiyuki Kanayama,
a market analyst at Monex Inc.

“That said, we can’t know yet if these measures will work,
and some continuing concern is still shifting funds into gold,
sending it to quite high levels.”

The benchmark Nikkei (.N225: ) was up 2.2 percent or 232.36
points to 10,626.76 and looked headed for its highest close in a
week. The broader Topix (.TOPX: ) added 1.7 percent to 948.51.

Shares of Tokyo Electron (8035.T: ) jumped 6.5 percent to 6,050
yen after the chip equipment maker forecast it would swing to
profitability in the year to March 2011, citing an expected
increase in capital investment by semiconductor makers.

Tokyo Electron expects to book an operating profit of 79
billion yen for the year, compared with an operating loss of 2.2
billion yen the year before.

Nissan Motor Co (7201.T: ) slipped 0.8 percent to 739 yen after
Japan’s No.3 automaker said it expects growth in emerging markets
and launches of new models such as its Micra compact to provide
only a modest boost to profits this year.

Nissan forecast an annual operating profit of 350 billion
yen, up 12 percent from last year but lagging a consensus
forecast of 411 billion yen. [ID:nTOE64A065]

Stock Market Today
(Additional reporting by Aiko Hayashi; Editing by Edwina Gibbs)

Nikkei climbs over 2 pct on Spain plans, earnings