Nikkei logs first weekly loss in 3 as U.S.-China tensions weigh

SYDNEY, May 15 (Reuters) - Tokyo shares rebounded on Friday
after three straight sessions of losses, but logged their first
weekly decline in three as investor sentiment took a hit
following a deterioration in U.S.-China relations.
The benchmark Nikkei average .N225 ended 0.6% higher at
20,037.47, with recently-battered cyclical sectors leading
gains. For the week, the index lost 0.7%.
The broader Topix .TOPX added 0.5% to end at 1,453.77,
with more than two-thirds of the 33 sector sub-indexes on the
Tokyo exchange finishing higher. For the week, the index fell
0.3% and recorded its first weekly decline in three.
Showing signs of more cracks in the U.S.-China relationship,
President Donald Trump said he was very disappointed with
China's failure to contain COVID-19 and suggested he could even
cut ties with the world's second-largest economy. Investors now eye Japan's gross domestic product (GDP) data
for the January-March quarter, which, according to a Reuters
poll, likely shrank for a second straight quarter. On the demand front, data from Japan Exchange Group showed
that foreign investors were net sellers of Japanese stocks last
week for the 13th consecutive week, the longest streak ever.
Recently-battered cyclical sectors, mining .IMING.T , sea
transport .ISHIP.T and machinery .IMCHN.T , were among the
top-performing sub-indexes on the main bourse.
Semiconductor-related companies were in demand following a
2.8% gain overnight in the U.S. Philadelphia semiconductor index
.SOX .
Chipmaking gear manufacturer Tokyo Electron Ltd 8035.T
rose 2.0% and test device maker Advantest Corp 6857.T climbed
3.3%.
Nissan Motor Co Ltd 7201.T rallied 3.9% on news reports
that the Japanese automaker may be looking at the possibility of
closing its Barcelona factory, possibly shifting its production
to Renault plants. Bucking the overall market trend, Mitsubishi Estate Co Ltd
8802.T tumbled 8.8% after the company cut its full-year
dividend outlook and forecast a 25.9% fall in net profit for
this business year to March 2021.