HomeLatestRoundup: Japan's Nikkei ends at 2-week low on U.S. financial considerations

Roundup: Japan's Nikkei ends at 2-week low on U.S. financial considerations

TOKYO, Aug. 24 (Xinhua) — Tokyo shares ended decrease Wednesday, with the benchmark Nikkei stock index closing at a two-week low following Wall Street’s slide after weak financial information.

The 225-issue Nikkei Stock Average misplaced 139.28 factors, or 0.49 %, from Tuesday to shut the day at 28,313.47.

The broader Topix index, in the meantime, dropped 4.26 factors, or 0.22 %, to complete at 1,967.18.

Local brokers mentioned that after an preliminary spherical of traders scooping up battered shares, the market inherited a downbeat temper from U.S. shares retreating in a single day following weaker-than-expected U.S. enterprise exercise information, renewing considerations over the long run well being of the world’s largest economic system.

“The sluggish reading reflected a decline in individual consumption in the United States, sparking concerns over its economic slowdown,” Takuya Kanda, senior researcher on the Gaitame.com Research Institute, was quoted as saying.

Market analysts right here additionally mentioned that traders continued to chorus from making daring strikes forward of U.S. Federal Reserve chair Jerome Powell’s Jackson Hole symposium on Friday, at which he’s anticipated to underscore the central financial institution’s dedication to its aggressive financial coverage to combat inflation.

“There was some sense that we might see a pause in the recent selloff, but it’s difficult for the market to turn around as people position ahead of a big event,” a market participant at a home asset administration agency mentioned.

By the shut of play, decliners comprised air transportation, marine transportation, and repair points, with rising points outpacing falling ones by 1,005 to 734 on the Prime Market, whereas 99 ended the day unchanged.

Nikkei heavyweights dragged the broader market decrease, with semiconductor gear maker Tokyo Electron falling 2.2 %, whereas robotic maker Fanuc slipped 0.7 %.

Fast Retailing, operator of the Uniqlo clothes retailer chain, ended the day 0.9 % decrease.

Energy points trimmed losses on greater crude oil costs, and exploration large Inpex gained 1.7 %, whereas refiner Eneos Holdings closed up 0.7 %.

On the Prime Market on Wednesday, 1,022.93 million shares modified arms, rising from Tuesday’s quantity of 974.31 million shares.

The turnover on the third buying and selling day of the week got here to 2,291.62 billion yen (16.81 billion U.S. {dollars}).