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Tokyo shares end lower as tariff deadline nears
TOKYO, Dec 11, 2019 (BSS/AFP) – Tokyo stocks fell on Wednesday as investors
locked in profits ahead of major events including the UK election and US Fed
meeting, and awaited news on US-China trade talks.
The benchmark Nikkei 225 index slipped 0.08 percent or 18.33 points to
23,391.86, while the bro
ader Topix index gave up 0.34 percent or 5.82 points to 1,714.95.
The Tokyo market opened comfortably in positive territory, as players
cheered stability in the forex market.
But they began taking wait-and-see positions as the day progressed, ahead
of key international events, particularly with a few days left before
Washington is due to impose fresh tariffs on Chinese goods.
Should the December 15 tariffs take effect, virtually all the merchandise
the United States imports from China will be covered by punitive tariffs.
But the market remained somewhat positive on the prospects for a US-China
trade deal, analysts said.
Overnight there were “various reports suggesting that the December 15
deadlines for the imposition of new tariffs on $160 billion worth of Chinese
imports is likely to be deferred”, said Ray Attrill, chief currency
strategist at National Australia Bank, in a note.
Investors also refrained from making major market moves before the US
Federal Reserve concludes its two-day meeting, during which the central bank
is expected to leave its policies unchanged.
“After a round of selling ended, the market lacked fresh news and moved in
a narrow range,” SMBC Nikko Securities said in a note.
In Britain, the latest YouGov poll indicated a Conservative election
victory but with a narrower margin than previously expected.
“One thing’s for sure when it comes to the UK election, and as history
reminds us, it’s never over till it’s over,” said Stephen Innes, chief Asia
market strategist at AxiTrader.
The dollar fetched 108.73 yen in Asian trade, nearly flat from 108.74 yen
in New York.
In Tokyo, major exporters were mixed.
Toyota ended up 0.17 percent at 7,663 yen, Honda up 0.45 percent at 3,149
yen but Nissan lost 1.47 percent to 669.6 yen.
Sony fell 0.36 percent at 7,219 yen while Panasonic added 0.28 percent at
1,060.5 yen.
Uniqlo-operator Fast Retailing fell 0.69 percent to 64,480 yen.
BSS/AFP/HR/1332