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Tokyo shares track Wall St lower as Powell warns of extended weakness

Published 14/05/2020, 04:42
JP225
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ESZ24
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TOPX
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4502
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6758
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IELEC.T
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IMING.T
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ISHIP.T
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SYDNEY, May 14 (Reuters) - Japanese stocks fell on Thursday,
tracking an overnight slide on Wall Street, as sentiment soured
after the U.S. Federal Reserve's chairman warned of an extended
period of weak economic growth.
The benchmark Nikkei average .N225 dropped 0.6% to
20,138.45 by the midday break, moving away from a two-month high
hit earlier this week.
Wall Street's three major indexes slid for the second day in
a row due to worries about a second wave of coronavirus
infections and Fed Chair Jerome Powell's subdued view on the
recovery of an economy battered by the coronavirus pandemic.
.N
He vowed to use the central bank's power as needed, but also
suggested that might not be enough to avoid deep economic damage
without more fiscal support. Further fuelling investor worries, a top World Health
Organization official said the virus may never go away.
E-Mini futures for the S&P 500 ESc1 , which were last
quoted down 0.5% in Asian trade, dealt another blow to Tokyo
shares.
The broader Topix .TOPX fell 0.6% to 1,465.71 by the
recess, also off Monday's two-month high, with all but four of
the 33 sector sub-indexes on the Tokyo exchange trading lower.
Highly cyclical sea transport .ISHIP.T , mining .IMING.T
and electric machinery .IELEC.T were the three
worst-performing sector sub-indexes on the main bourse.
Sony Corp 6758.T shed 2.9% and was the most heavily traded
stock on the main board after saying it expects operating profit
to drop at least 30% this financial year to its lowest in four
years as the coronavirus outbreak damages demand. Bucking the overall market's weakness, Takeda Pharmaceutical
Co Ltd 4502.T jumped 5.5% after the company booked a surprise
operating profit and forecast that income would triple this
financial year.

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