By Tomo Uetake
TOKYO, Sept 4 (Reuters) - Japan's Nikkei share average
struggled for traction on Wednesday and the broader Topix dipped
after weak U.S. economic data stoked fears of a global recession
and soured investor sentiment.
The benchmark Nikkei average .N225 ended up 0.12% at
20,649.14 points, while the broader Topix .TOPX dropped 0.26%
to 1,506.81.
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 on Tuesday. Cyclical sectors came under pressure, with metal products
.IMETL.T , iron and steel .ISTEL.T among worst performing
sectors on the Topix.
"The weak U.S. ISM data underscored the view that a
recession is highly probable. Global investors are preparing for
it in a sombre manner," said Yasuo Sakuma, chief investment
officer at Libra Investments.
Nikkei heavyweight Fast Retailing 9983.T gained 0.9% after
the clothing chain operator said same-store sales at its Uniqlo
outlets in Japan rose 9.9% in August from a year earlier.
Nintendo 7974.T rose 2.6% on hopes of product updates or
announcements after the gaming company said it will broadcast a
pre-recorded "Nintendo Direct" global presentation on Thursday
morning, Japan time. (2200 GMT on Wednesday).
Elsewhere, Kakaku.com 2371.T climbed 1.6%, 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 0.2% and 1.2%, respectively, while Nintendo found
an extra tailwind from this.
Review results of the Nikkei constituents are due as early
as this week.
Other notable movers include TSE REIT index .TREIT ,
advancing 0.9%, moving closer to the 12-year peak hit two weeks
ago.
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Japan stocks wobble as US data stokes recession fears, but Nintendo jumps
Published 09/04/2019, 03:08 PM
Updated 09/04/2019, 03:10 PM
Japan stocks wobble as US data stokes recession fears, but Nintendo jumps
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