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Nikkei slips on worries over Brexit, U.S. stimulus

Published 11/12/2020, 04:28
Updated 11/12/2020, 04:30
© Reuters.

TOKYO, Dec 11 (Reuters) - Japanese shares slipped on Friday
as uncertainties over Brexit, U.S. stimulus and worries over
surging COVID-19 cases at home sapped risk appetite.
The benchmark Nikkei share average .N225 lost 0.54% to
26,612.74 by midday, on course to post its first weekly loss in
six. The broader Topix .TOPX was down 0.07% at 1,775.01.
Tokyo reported a record number of new infections on Thursday
and local media reported the government may stop travel
subsidies meant to boost regional economies. British Prime Minister Boris Johnson said on Thursday there
was "a strong possibility" Britain and the European Union would
fail to strike a trade deal. "With the Brexit deadline on Sunday, the market is curbed by
the uncertainties from it," said Takeo Kamai, head of execution
services at investment firm CLSA.
Near-term U.S. fiscal stimulus appears unlikely after
Democrat House Speaker Nancy Pelosi suggested wrangling over a
spending package and coronavirus aid could drag on through
Christmas. Nikkei heavyweight SoftBank Group 9984.T dropped 4.3%
after two days of massive gains that stemmed from a report of a
possible buyback of shares and the successful initial public
offering of DoorDash DASH.N . However, Toyota Motor 7203.T rose 4.4% as investors
welcomed the revamp of its Mirai hydrogen fuel cell car, at a
time when the government has stepped up measures to cut carbon
emissions. Toyota's gains helped the transport equipment maker index
.ITEQP.T add 1.8% to become the best-performing sector.
Nintendo 7974.T gained 2.4% as rising COVID-19 infections
rekindled interest in shares that tend to benefit from tougher
social restrictions.

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