Tokyo stocks open lower with eyes on China data | Money


The benchmark Nikkei 225 index was down 0.81 per cent or 239.72 points at 29,192.98 in early trade, while the broader Topix index slipped 0.91 per cent or 18.08 points to 1,959.78. — Reuters pic

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TOKYO, March 31 ― Tokyo stocks opened lower today, tracking falls on Wall Street where rising bond yields renewed inflation concerns, with investors also focused on Chinese data due later in the day.

The benchmark Nikkei 225 index was down 0.81 per cent or 239.72 points at 29,192.98 in early trade, while the broader Topix index slipped 0.91 per cent or 18.08 points to 1,959.78.

“Japanese shares are seen starting with losses following a rout in the US market… with investor eyes on China’s manufacturing and non-manufacturing PMIs” due during morning trade, Toshiyuki Kanayama, senior market analyst at Monex, said in a note.

The dollar fetched ¥110.40 (RM4.14) in early Asian trade, against ¥110.38 in New York late yesterday after the greenback broke through the ¥110 barrier for the first time in a year.

In Tokyo, Mitsubishi UFJ Financial was down 2.50 per cent at ¥600.1 after it warned it could face a US$300 million loss in its dealings with a US client.

The announcement came after Japan’s Nomura and Switzerland’s Credit Suisse warned they faced significant losses after reports of their exposure to a US fund that sold billions in stocks last week.

Mitsubishi UFJ rival Sumitomo Mitsui Financial was also down 2.06 per cent at ¥4,045.

Renesas Electronics was down 1.91 per cent at ¥1,179 after it said it could take three to four months to fully recover from a fire at one of its plants that threatens to worsen a global semiconductor shortage plaguing automakers.

Among other shares, Sony was up 1.39 per cent at ¥11,655 and Toyota was up 2.31 per cent at ¥8,555.

On Wall Street, the Dow ended down 0.3 per cent at 33,066.96. ― AFP



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