ZCZC
BCN-09
STOCKS-MARKETS-JAPAN-OPEN
Tokyo shares open lower
TOKYO, Feb 8, 2019 (BSS/AFP) – Tokyo shares opened down Friday, following
a global market slide stemming from the lowered European economic outlook as
well as receding hopes for smooth progress in US-China trade talks.
The benchmark Nikkei 225 index lost 1.17 percent or 242.05 points to
20,509.23 shortly after the opening bell while the broader Topix index
dropped 1.05 percent or 16.48 points to 1,552.5.
“Tokyo shares are facing selling pressure, taking cues from overnight
falls of US and European shares on dimming optimism about a path forward for
the US-China trade dispute,” Okasan Online Securities said in a note.
Investors also grew wary after the EU Commission said it expected growth
of 1.3 percent in the eurozone this year, a significant cut from the 1.9
percent it predicted in November, citing risks including Brexit fears,
Italian economic woes and the global trade war.
In Japan, players adjusted their positions and locked in profits ahead of
a three-day weekend, Okasan added.
The Tokyo market will close Monday for a national holiday. Normal trading
will resume Tuesday.
In the forex market, the dollar stood at 109.78 yen, slightly lower than
the 109.83 yen seen in New York Thursday.
Shortly before the market opened, the Japanese government announced that
the nation’s household spending in December picked up 0.1 percent from a year
earlier, marking the first increase in four months.
Among major shares, Sony soared 5.03 percent to 4,950 yen after announcing
a plan for share buybacks worth up to 100 billion yen ($910 million).
However, as the US-China trade dispute lingers, shares related to Chinese
demand faced pressure.
Industrial robot producer Fanuc Corp. fell 2.42 percent to 18,340. Hitachi
Construction Machinery dropped 3.46 percent to 2,672.
Toyota dropped 1.51 percent to 6,476. Panasonic fell 0.58 percent to
1,025.5.
BSS/AFP/HR/0930