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Japanese stocks track Wall Street losses on renewed virus fears

Published 06/29/2020, 11:43 AM
Updated 06/29/2020, 11:50 AM
© Reuters.

SYDNEY, June 29 (Reuters) - Japanese shares fell on Monday,
tracking Wall Street's sharp retreat on Friday after several
U.S. states imposed business restrictions to tackle a resurgence
in new coronavirus cases.
Cyclical stocks led declines on Japan's Nikkei average
.N225 , which dropped 1.3% to 22,214.69 by the midday break
after hitting its lowest level since June 16 earlier in the
session.
The Nikkei also fell below a major support level of its
25-day moving average, which was last at 22,365, for the first
time since April 7.
Wall Street's major indexes tumbled on Friday as some U.S.
states reconsidered their reopening plans after the early
lifting of restrictions was followed by a resurgence in new
infections. .N Further denting investor sentiment, the Wall Street Journal
reported that the Phase 1 U.S.-China trade deal could be at
risk. Tokyo-listed banks tracked U.S. counterparts lower, with
Mitsubishi UFJ Financial Group (MUFG) 8306.T and Sumitomo
Mitsui Financial Group (SMFG) 8316.T falling 1.9% and 1.5%,
respectively.
Shares of the Nikkei's heavyweight SoftBank Group 9984.T
dropped 1.3%.
The company said it expects a gain of around 600 billion yen
($5.6 billion) in the April-June quarter on the sale of T-Mobile
shares, but a derivative liability from call options received by
T-Mobile's top shareholder, Deutsche Telekom, is not included in
that figure.
The broader Topix .TOPX lost 1.2% to 1,558.44 by the
recess, with all of the 33 sector sub-indexes on the Tokyo
exchange trading lower.
Highly cyclical iron and steel .ISTEL.T , mining .IMING.T
and insurance .IINSU.T were the three worst-performing sectors
on the main bourse.

($1 = 107.1800 yen)

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