Tokyo stocks open lower with eyes on earnings, trade

Madiha Shakeel July 29, 2019

TOKYO: Tokyo stocks opened lower on Monday, shrugging off rallies on Wall Street as investors remained cautious amid corporate earnings season and ahead of US-China trade talks.

The benchmark Nikkei 225 index slipped 0.13 percent, or 28.04 points, to 21,630.11 in early trade, while the broader Topix index was down 0.09 percent, or 1.40 points, at 1,570.12.

“A wait-and-see attitude may spread ahead of the Bank of Japan’s policy board meeting and the US FOMC meeting, as well as resumption of the US-China trade talks” this week, Mizuho Securities said in a commentary.

Investors are also closely watching earnings reports, it said.

The dollar fetched 108.58 yen in early Asian trade, against 108.66 yen in New York late Friday.

In Tokyo, blue-chip exporters were broadly lower, with Toyota slipping 0.23 percent to 7,134 yen and chip-making equipment producer Tokyo Electron trading down 1.33 percent at 18,055 yen.

Hitachi was off 2.56 percent at 3,832 yen, industrial robot maker Fanuc was down 0.89 percent at 19,410 yen and construction machine maker Komatsu was 1.30 percent lower at 2,428 yen ahead of their earnings reports after the close of the market Monday.

On Wall Street, the Dow ended up 0.2 percent at 27,192.45.

Copyright AFP (Agence France-Press), 2019

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