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Nikkei holds steady on caution ahead of earnings

Published 10/26/2020, 10:54 AM
Updated 10/26/2020, 11:00 AM
© Reuters.
JP225
-
TOPX
-
7751
-
9202
-
6762
-
6976
-
6988
-
6981
-
6594
-
ISECU.T
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ISTEL.T
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ISVCS.T
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MTHR
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TOKYO, Oct 26 (Reuters) - Japanese shares steadied on
Monday, as investors were on guard ahead of a slew of earnings
reports, while a surge in global coronavirus cases also weighed
on sentiment.
The benchmark Nikkei share average .N225 was nearly flat
at 23,514.41 by the midday break, while the broader Topix
.TOPX fell 0.17% to 1,622.53.
Nearly two-thirds of the 33 sector sub-indexes on the Tokyo
exchange traded lower, with iron and steel .ISTEL.T , services
.ISVCS.T and securities .ISECU.T leading the declines on the
main bourse.
Corporate earnings due later in the day include Canon Inc
7751.T , Nidec Corp 6594.T and Nitto Denko Corp 6988.T .
Mounting worries about coronavirus cases also prevented
investors from taking huge positions.
The United States has seen its highest ever number of new
coronavirus cases in the past two days, while in Europe, France
registered record increase in infections over the weekend and
Spain announced a state of emergency. E-mini futures for the S&P 500 EScv1 dipped more than 0.5%
amid U.S. coronavirus stimulus and presidential election
uncertainty, creating an extra headwind to Japanese shares.
Electronic parts maker Murata Manufacturing 6981.T climbed
2.77% after the company made upward revisions to its net profit
forecast for the six months ended Sept. 30. Other electrical component stocks followed suit, with Taiyo
Yuden 6976.T and TDK Corp 6762.T up around 1.9% each.
Among decliners, ANA Holdings 9202.T lost nearly 1.3%
after media reports the airline operator plans to cut about
3,500 jobs in three years as it braced for its biggest-ever
annual loss. Elsewhere, the Mothers Index .MTHR of start-up firm shares
lost 1.23% and was poised to mark four consecutive sessions of
losses.

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