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Nikkei slips to 1-week low on Trump's woes, trade uncertainty

Published 25/09/2019, 08:41
© Reuters.  Nikkei slips to 1-week low on Trump's woes, trade uncertainty
US500
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JP225
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By Tomo Uetake

TOKYO, Sept 25 (Reuters) - Japan's Nikkei share average fell

to a one-week low on Wednesday after U.S. lawmakers called for

an impeachment inquiry into President Donald Trump, while weak

U.S. consumer confidence data heightened worries over the

Sino-U.S. trade row.

The benchmark Nikkei average .N225 dropped 0.4% to

22,020.15, its lowest close since Sept. 18, while the broader

Topix .TOPX dipped 0.2% to 1,620.08, tracking a dismal Wall

Street session.

Both indexes climbed to their highest finish in five-months

the previous day.

U.S. shares slipped in volatile trade overnight, giving the

S&P 500 .SPX its biggest one-day drop in a month, as a push

for impeaching Trump gained momentum among Democrats in

Congress. Major Wall Street indexes earlier lost their footing when

Trump took a harsh tone about China's trade practices at the

United Nations General Assembly, saying he would not accept a

"bad deal" in U.S.-China negotiations. Further pressuring Wall Street was the disappointing

consumer confidence data. On Tokyo's bourse, oil and coal products .IPETE.T and

machinery .IMCHN.T were among the worst performing of the 33

subsector indexes, down 1.0% and 1.2%, respectively.

One of the few bright spots was the air transport .IAIRL.T

sector, up 1.1%, with Japan Airlines 9201.T and ANA Holdings

9202.T rising 1.2% and 1.0%, respectively.

Oil prices fell on Wednesday for a second day on worries

about falling fuel demand after Trump's comments doused optimism

over China-U.S. trade talks and reignited concerns on global

economic growth. O/R

Other notable movers included Nintendo Co 7974.T , shedding

4.3% after Bloomberg reported initial domestic shipments of the

gaming firm's "Switch Lite" were softer than expected.

Traders said Wednesday's profit-taking came as no surprise

as some technical indicators looked overheated.

Indeed, the benchmark Nikkei's 14-day relative strength

index (RSI) hit 97.4 the previous day, its highest in nearly two

years. An RSI reading above 70 would be considered "overbought."

(Editing by Jacqueline Wong)

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