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Nikkei down as market cautious before Powell's remarks; machinery stocks fall

Stock Markets Jul 10, 2019 04:40
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© Reuters. Nikkei down as market cautious before Powell's remarks; machinery stocks fall

* Machine tool orders for June tumble 38% on year
* Yoshinoya soars after it posts net profit for March-May

By Ayai Tomisawa
TOKYO, July 10 (Reuters) - Japan's Nikkei edged lower in
choppy trade on Wednesday as investors awaited key testimony on
the U.S. economy from the Federal Reserve chief, while machinery
shares fell on poor June orders.
The Nikkei share average .N225 shed 0.1% to 21,548.43,
after flirting with positive territory.
Investors braced for remarks from Fed Chairman Jerome Powell
during his two-day testimony before Congress, which starts on
Wednesday. Also due on Wednesday is the central bank's June
policy meeting minutes.
"The market has priced in a 25 basis rate cut. Investors are
nervous as they wait to find out from Powell's comments on
whether the Fed will continue cutting rates or not," said Yutaka
Miura, a senior technical analyst at Mizuho Securities.
Machinery shares languished, after Japan Machine Tool
Builders' Association said on Tuesday that June orders for
machine tools tumbled 38% to 98.8 billion yen ($907.25
million), falling for ninth consecutive months. Fanuc Corp
6954.T slipped 1.6% and Yaskawa Electric 6506.T dropped
1.4%, while Keyence Corp 6861.T shed 1%.
Elsewhere the regional banking sector was under the
spotlight. Chiba Bank 8331.T rallied 2.2% after the bank and
Bank Of Yokohama said they are considering a business tie-up.
Concordia Financial Group 7186.T , Bank of Yokohama's
parent company, gained 1%.
In positive earnings news, Yoshinoya Holdings 9861.T ,
which operates beef bowl fast food restaurants, jumped 9% after
it posted a net profit of 1.097 billion yen the March-May
period, compared to a net loss of 388 million yen in the
previous year.
The broader Topix .TOPX fell 0.5% to 1,566.56.



($1 = 108.9000 yen)

(Editing by Shri Navaratnam)

Nikkei down as market cautious before Powell's remarks; machinery stocks fall
 

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