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MarketScreener Homepage  >  Indexes  >  Nikkei 225    N225   JP9010C00002


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Nikkei recoups losses but stalled vaccine trials, stimulus talks weigh

10/14/2020 | 02:44am EST
A man works at the Tokyo Stock Exchange after market opens in Tokyo

TOKYO (Reuters) - Japan's stock benchmark Nikkei recouped early losses on Wednesday to close marginally higher, but sentiment remained subdued over stalled COVID-19 vaccine trials and lack of agreement on additional U.S. fiscal stimulus.

The benchmark Nikkei share average <.N225> rose 0.11% to 23,626.73, while the broader Topix lost 0.32% to 1,643.90.

Tokyo shares followed Wall Street lower in early trade before reversing course in the afternoon, which analysts suspected was due to the Bank of Japan's exchange-traded fund buying.

On Tuesday, major indexes on Wall Street ended lower as Johnson & Johnson and Eli Lilly and Co halted coronavirus vaccine and antibody treatment trials, respectively, over safety concerns, dampening investor sentiment.

Fading hopes for a new U.S. coronavirus relief package also weighed on the market, as U.S. House Speaker Nancy Pelosi rejected a $1.8 trillion coronavirus relief proposal from the White House.

Back home, Apple-related issues underperformed on profit-taking and dented by a 2.7% fall in Apple Inc shares following an event where the company unveiled its latest iPhone.

TDK Corp edged 0.08% lower, while Taiyo Yuden fell 0.27%.

Financial shares also took a hit from a weak performance in their U.S. peers, with Sumitomo Mitsui Financial Group dropping 1.71% and Mitsubishi UFJ Financial Group down 1.01%.

Meanwhile, semiconductors performed strongly, with Tokyo Electron Ltd rising about 2.6% and Lasertec Corp up 0.1%.

"The moves are quite subtle when only looking at the Nikkei share average. But the Mothers Index is renewing highs and semiconductor stocks are still strongly sought after," said Takashi Hiroki, chief strategist at Monex Securities.

The Mothers Index of start-up firms gained 1.37%, posting its highest close since January 2018.

Elsewhere, ANA Holdings dipped 4.59% after reports that the company was going to cut monthly wages for all workers by 5%.

Nippon Steel lost 3.82% on news that the company would sell two U.S. plants as it speeds up a reorganisation in overseas operations.

(This story corrects Eli Lilly trial in paragraph 4 to antibody treatment, not vaccine)

(Reporting by Eimi Yamamitsu; Editing by Subhranshu Sahu)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANA HOLDINGS INC. 2.45% 2550 End-of-day quote.-29.98%
APPLE INC. -0.11% 122.94 Delayed Quote.67.66%
ELI LILLY AND COMPANY -0.72% 144.11 Delayed Quote.9.65%
LASERTEC CORPORATION 0.82% 11090 End-of-day quote.99.46%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.84% 450.9 End-of-day quote.-23.99%
MIZUHO FINANCIAL GROUP, INC. 0.45% 1350 End-of-day quote.-19.79%
MURATA MANUFACTURING CO., LTD. 0.42% 9065 End-of-day quote.34.38%
NIKKEI 225 -0.22% 26751.24 Real-time Quote.13.29%
NIPPON STEEL CORPORATION 0.23% 1326 End-of-day quote.-19.83%
SUMITOMO MITSUI FINANCIAL GROUP, INC. -1.12% 3103 End-of-day quote.-23.16%
TAIYO HOLDINGS CO., LTD. -0.16% 6430 End-of-day quote.44.33%
TAIYO YUDEN CO., LTD. -0.11% 4740 End-of-day quote.41.28%
TDK CORPORATION -0.62% 14450 End-of-day quote.16.63%
TOKYO ELECTRON LIMITED 1.90% 37550 End-of-day quote.56.95%
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