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STOCKS-MARKETS-JAPAN-OPEN
Tokyo stocks open lower on US losses
TOKYO, Aug 21, 2019 (BSS/AFP) – Tokyo stocks opened lower on Wednesday
following losses on Wall Street amid lingering trade war concerns and falls
in Europe on the political crisis engulfing Italy.
The benchmark Nikkei 225 index slid 0.91 percent or 187.25 points to
20,489.97 in early trade while the broader Topix index fell 0.98 percent or
14.82 points to 1,491.95.
“There is a lack of trading incentives locally, so shares are likely to be
influenced by factors outside Japan,” Yoshihiro Ito, Okasan Online Securities
chief strategist, said in a note.
On Wall Street, stocks slid further after President Donald Trump once
again said he was not ready to reach a trade deal with China.
The Dow Jones Industrial Average lost 0.7 percent, while the broad-based
S&P 500 fell 0.8 percent. The tech-rich Nasdaq Composite Index shed 0.7
percent.
In Europe, Italian Prime Minister Giuseppe Conte resigned after lashing
out at far-right Interior Minister Matteo Salvini for pursuing his own
interests by pulling the plug on the governing coalition.
The move leaves the eurozone’s third largest economy in a political vacuum
until President Sergio Mattarella decides whether to form a new coalition or
call an election after talks with parties in the coming days.
In Tokyo trading, IT investor SoftBank Group dropped 2.32 percent to 4,822
yen, while Sony lost 0.43 percent to 5,939 yen.
Uniqlo chain operator Fast Retailing climbed 0.25 percent to 62,870 yen.
The dollar traded at 106.33 yen in early Asian trade, against 106.23 yen
in New York Tuesday afternoon.
BSS/AFP/HR/0945