Nikkei underperforms due to concerns of extended trade dispute

in tradewar •  2 months ago 

TOKYO- Japan s Nikkei recorded lowest data in two weeks on Wednesday as market anxiety pressed due to US President Donald Trump s remarks, while firmer yen dampened investors  appetite.

The Nikkei 225 index shed a total of 1.24% to 23, 089.21 as it tailed under its 25-day moving average of 23,253.

 In some ways, I like the idea of waiting until after the election for the China deal. But they want to make a deal now, and we ll see whether or not the deal s going to be right; it s got to be right,  Trump stated in London last Tuesday.

The yen firmed up with 1% in the past two days. In line, exporters  shares including electronic parts Maker Murata Manufacturing sunk down with 2.4% loss as industrial robot manufacturer Fanuc slid with 1.6% loss and Honda Motor with 1.1% setback.

Astellas Pharma completely lost its momentum with 2.6% setback following acquisition of US drugmaker Audentes Therapeutics Inc for 110% premium.

Fast retailing declined with 4.9% following Uniqlo casual clothing chain s report of frail domestic sales in November, cutting off 110 points or 0.5% from Nikkei s overall gains.

Broader Topix cut 0.55% to 1,697.37 and was deemed a more acceptable session than other index peers losing 15%.

31% of the complete rundown of shares on the Tokyo Exchange s main board increased with domestic-oriented shares advancing the most.

Toiletry goods provider Kao Corp edged up with 1.5% gains while majority of utility companies also advanced with Tokyo Electric Power, Chubu Electric Power, and Osaka Gas acquiring 2.3%, 1.2% and 0.8% respective gains.

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