Japanese stocks fell for a second day after U.S. investment-rating cuts and factory data triggered caution as earnings season approaches.
Nikon Corp., a camera maker that gets more than half of its revenue from North America, lost 2.1 percent. Nissan Motor Co., Japan’s third-largest carmaker, declined 1.2 percent. Fast Retailing Co., Asia’s largest listed clothing retailer, sank 1.4 percent after its Uniqlo chain posted the biggest drop in monthly domestic sales in more than seven years.
The Nikkei 225 Stock Average slid 0.1 percent to 9,371.36 as of 9:48 a.m. in Tokyo. The broader Topix index fell 0.1 percent to 822.21 with more than two times as many shares declining as advancing.
“There’ll be concerns about earnings at U.S. companies, which start to report later this week,” said Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc. “That will raise concern about earnings at companies” in other regions, he said.
The Nikkei 225 has fallen 11 percent this year as Europe’s debt crisis, Chinese steps to curb property-price inflation and concern about the pace of the U.S. economic rebound hurt confidence in a global recovery. That’s the second-biggest drop among the world’s 10 largest equity markets. Stocks in the gauge trade at 16.1 times estimated earnings on average, near the lowest level since October 2008.
Futures on the Standard & Poor’s 500 Index were little changed. The index lost 0.8 percent in New York yesterday after Goldman Sachs Group Inc. cut its ratings on Microsoft Corp., J.C. Penney Co. and Macy’s Inc. Deutsche Bank AG put Alcoa Inc. on its short-term “sell” list before the largest U.S. aluminum company starts the third-quarter earnings season on Oct. 7.
U.S. Capital Goods
Manufacturing orders in the U.S. declined 0.5 percent in August, following a revised 0.5 percent increase a month earlier, the Commerce Department said yesterday in Washington. That exceeded the median estimate of a 0.4 percent drop from 64 economists in a Bloomberg survey. Bookings for non-military capital goods excluding planes increased 5.1 percent, the biggest gain since March.
Nikon fell 2.1 percent to 1,566 yen. Nissan lost 1.2 percent to 740 yen. Hoya Corp., Japan’s biggest maker of eyeglass lenses, declined 1.5 percent to 2,051 yen.
Fast Retailing sank 1.4 percent to 11,600 yen and was the heaviest drag on the Nikkei 225. Sales at Uniqlo stores open at least a year in Japan plunged 24.7 percent in September from a year earlier, the Yamaguchi, Japan-based retailer said yesterday. That’s the biggest decline since February 2003, according to company data.
The Bank of Japan is scheduled to announce its latest policies today following a two-day meeting.
To contact the reporters on this story: Monami Yui in Tokyo at myui1@bloomberg.net; Satoshi Kawano in Tokyo skawano1@bloomberg.net.
http://jodnet.blogspot.com
Nikon Corp., a camera maker that gets more than half of its revenue from North America, lost 2.1 percent. Nissan Motor Co., Japan’s third-largest carmaker, declined 1.2 percent. Fast Retailing Co., Asia’s largest listed clothing retailer, sank 1.4 percent after its Uniqlo chain posted the biggest drop in monthly domestic sales in more than seven years.
The Nikkei 225 Stock Average slid 0.1 percent to 9,371.36 as of 9:48 a.m. in Tokyo. The broader Topix index fell 0.1 percent to 822.21 with more than two times as many shares declining as advancing.
“There’ll be concerns about earnings at U.S. companies, which start to report later this week,” said Toshiyuki Kanayama, a market analyst at Tokyo-based Monex Inc. “That will raise concern about earnings at companies” in other regions, he said.
The Nikkei 225 has fallen 11 percent this year as Europe’s debt crisis, Chinese steps to curb property-price inflation and concern about the pace of the U.S. economic rebound hurt confidence in a global recovery. That’s the second-biggest drop among the world’s 10 largest equity markets. Stocks in the gauge trade at 16.1 times estimated earnings on average, near the lowest level since October 2008.
Futures on the Standard & Poor’s 500 Index were little changed. The index lost 0.8 percent in New York yesterday after Goldman Sachs Group Inc. cut its ratings on Microsoft Corp., J.C. Penney Co. and Macy’s Inc. Deutsche Bank AG put Alcoa Inc. on its short-term “sell” list before the largest U.S. aluminum company starts the third-quarter earnings season on Oct. 7.
U.S. Capital Goods
Manufacturing orders in the U.S. declined 0.5 percent in August, following a revised 0.5 percent increase a month earlier, the Commerce Department said yesterday in Washington. That exceeded the median estimate of a 0.4 percent drop from 64 economists in a Bloomberg survey. Bookings for non-military capital goods excluding planes increased 5.1 percent, the biggest gain since March.
Nikon fell 2.1 percent to 1,566 yen. Nissan lost 1.2 percent to 740 yen. Hoya Corp., Japan’s biggest maker of eyeglass lenses, declined 1.5 percent to 2,051 yen.
Fast Retailing sank 1.4 percent to 11,600 yen and was the heaviest drag on the Nikkei 225. Sales at Uniqlo stores open at least a year in Japan plunged 24.7 percent in September from a year earlier, the Yamaguchi, Japan-based retailer said yesterday. That’s the biggest decline since February 2003, according to company data.
The Bank of Japan is scheduled to announce its latest policies today following a two-day meeting.
To contact the reporters on this story: Monami Yui in Tokyo at myui1@bloomberg.net; Satoshi Kawano in Tokyo skawano1@bloomberg.net.
http://jodnet.blogspot.com
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