Home Business Japanese shares track Wall Street lower; tech, energy stocks slide

Japanese shares track Wall Street lower; tech, energy stocks slide

2 min read
Comments Off on Japanese shares track Wall Street lower; tech, energy stocks slide

Article content

TOKYO — Japanese shares fell on Wednesday, after Wall Street declined for a third straight session overnight, with heavyweight technology and energy firms leading the losses.

The Nikkei share average was down 0.55% at 28,039.91 by the midday break, while the broader Topix lost 0.51% to 1,958.41.

Article content

U.S. stocks extended losses for a third straight day, as a rise in job openings fueled fears that the Federal Reserve has another reason to maintain its aggressive interest rate hike path to combat inflation.

Article content

“Japanese equities tracked Wall Street’s third-straight losing session, but gains in U.S. futures limited the decline,” said Maki Sawada, a strategist at Nomura Securities.

“The impact of a better-than-expected factory output data was limited.”

Data showed Japan’s factories extended expansion in output to a second month in July, as motor vehicle production improved, marking a positive start to the third quarter for manufacturers and broader economic activity.

Chip-making equipment maker Tokyo Electron lost 0.41% and silicon wafer maker Shin-Etsu Chemical slipped 1.33% and a robot maker Fanuc lost 0.62%.

Energy-related shares traded lower after oil prices dropped 5% on Tuesday, before recouping some losses in Asian trading hours on Wednesday.

Oil explorers were the top losers among Tokyo Stock Exchange’s 33 industry sub-indexes, with a 3.43% drop, followed refiners, which lost 2.85%.

Explorer Inpex fell 3.73% and was the top loser on the Nikkei, followed by refiner Idemitsu Kosan which fell 3.2%.

Transport shares led gains among the industry groups, with airlines rising 3.14% and railways gaining 1.14%.

ANA Holdings jumped 2.94%.

There were 67 advancers on the Nikkei index, against 155 decliners.

(Reporting by Junko Fujita; Editing by Rashmi Aich)

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

year JGB yield falls, longer-term notes keep rising

Article content TOKYO — The Japanese government bond market moved in mixed directions on W…