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Japan stocks under pressure as U.S. data stokes recession fears

Published 09/04/2019, 11:16 AM
Updated 09/04/2019, 11:20 AM
Japan stocks under pressure as U.S. data stokes recession fears
JP225
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TOPX
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9983
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2371
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2413
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3092
-
7974
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IMETL.T
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IPETE.T
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ISTEL.T
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TREIT
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TOKYO, Sept 4 (Reuters) - Japan's Nikkei share average
struggled for direction on Wednesday, while the broader Topix
dipped after poor U.S. economic data stoked global recession
fears and soured investor sentiment.
The benchmark Nikkei average .N225 was little changed at
20,631.14 by the midday break, while the broader Topix .TOPX
fell 0.3% to 1,506.17.
Overall sentiment remained subdued amid growing worries
about a global recession. U.S. manufacturing activity contracted
for the first time in three years in August, with new orders and
hiring declining sharply as trade tensions weighed on business
confidence, data showed Tuesday. Cyclical sectors came under pressure, with metal products
.IMETL.T , iron and steel .ISTEL.T and oil and coal products
.IPETE.T becoming the top three worst performing sectors on
the Topix.
Nikkei heavyweight Fast Retailing 9983.T gained 1.4% after
the clothing chain operator said same-store sales at its Uniqlo
outlets in Japan rose 9.9% in August from a year earlier.
Other notable movers include TSE REIT index .TREIT ,
advancing 0.8%, moving closer to the 12-year peak hit two weeks
ago. Elsewhere, Kakaku.com 2371.T climbed 2.6% and Nintendo
7974.T jumped 2.9%, buoyed by hopes of a potential inclusion
of the Nikkei average in the periodic review of its
constituents. Other candidates Zozo 3092.T and M3 2413.T
were also in demand, adding 0.4% and 0.9%, respectively.
The review results of the Nikkei constituents are due as
early as this week.

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