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Nikkei dips on profit-taking; investors await more earnings, c.bank decisions

Published 07/29/2019, 11:26 AM
Updated 07/29/2019, 11:30 AM
Nikkei dips on profit-taking; investors await more earnings, c.bank decisions
US500
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JP225
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GOOGL
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SBUX
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IXIC
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TMUS
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TOPX
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6762
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6857
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6976
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9984
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GOOG
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6981
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TOKYO, July 29 (Reuters) - Tokyo stocks fell on Monday as
profit-taking gained strength,
with caution building ahead of more earnings reports from Japan
Inc and major central bank policy decisions this week.
Despite positive cues from Wall Street, Japan's benchmark
Nikkei share average .N225 dropped 0.6% to 21,538.20 points by
the midday break, pulling further back from a 2-1/2-month high
hit on Thursday.
On Friday, robust earnings from Alphabet Inc GOOGL.O and
Starbucks Corp SBUX.O pushed the S&P 500 .SPX and Nasdaq
.IXIC indexes to record highs, with support from data showing
U.S. economic growth slowed less than expected in the second
quarter. .N/C Profit taking hit Japanese suppliers of electronic parts to
China's Huawei HWT.UL that had been bought late last week on
a resumption of U.S.-China trade talks. Murata Manufacturing
6981 shed 2.7%, TDK Corp 6762.T slipped 2.4% and Taiyo Yuden
Co 6976.T dipped 2.3%.
Tokyo Electron 6857.T shed 1.5% after the chip-making gear
supplier said its operating profit for the April-June quarter
fell 41% year-on-year, a much bigger fall than the analyst
consensus, after the market close on Friday. Bucking the overall weakness, Nikkei heavyweight SoftBank
Group Corp 9984.T climbed 2.3% after the U.S. Justice
Department said T-Mobile TMUS.O won an antitrust approval for
its $26 billion merger of rival Sprint Corp S.N . The broader Topix .TOPX slipped 0.5% to 1.564.50.
Japan's April-June quarter corporate earnings season gets
into full swing this week.
The Bank of Japan is expected to keep its massive stimulus
programme unchanged at the end of a two-day meeting on Tuesday,
days ahead of a widely expected interest rate cut by the U.S.
Federal Reserve.

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