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Japan stocks slip as momentum sputters on soft corporate earnings

Published 26/07/2019, 03:18
© Reuters. Japan stocks slip as momentum sputters on soft corporate earnings
JP225
-
TOPX
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7201
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2002
-
6645
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IMCHN.T
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By Shinichi Saoshiro
TOKYO, July 26 (Reuters) - Japan's stocks lost momentum on
Friday on downbeat earnings both at home and on Wall Street,
erasing some of the previous day's rally, which took the
benchmark to a 2-1/2-month high.
The Nikkei share average .N225 fell 0.51% to 21,645.42 at
0156 GMT. The index had risen to 21,823.07 the previous day, its
highest since May 7.
Omron Corp 6645.T was down 6.2% after the maker of digital
medical equipment reported that its June quarter consolidated
operating profit declined 41.2% to 10 billion yen ($92 million),
with business hit by the U.S.-China trade conflict. Nissan Motor Co 7201.T shed 2.5% after the automaker
unveiled its biggest restructuring plan in a decade in the wake
of a collapse in its quarterly profit. Nisshin Seifun Group 2002.T slumped 10.9% as the food
company reported that its June quarter net profit fell 27.2% to
4.43 billion yen with its milling operations in the United
States facing increasing competition.
The broader Topix .TOPX shed 0.55% to 1,569.25.
Of Tokyo's 33 sub-indexes, 32 were in negative territory,
led by the machinery sector .IMCHN.T .
All of Wall Street's three main indexes fell from record
highs on Thursday following a flurry of downbeat quarterly
results from Ford Motor and other companies and after European
Central Bank chief Mario Draghi's comments disappointed
investors hoping for a more dovish stance on monetary policy.
.N
($1 = 108.6300 yen)

(Editing by Sam Holmes)

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