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Nikkei posts first weekly loss in six on Brexit, virus worries

Published 12/11/2020, 03:22 PM
Updated 12/11/2020, 03:30 PM
© Reuters.
JP225
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TOPX
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9984
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7974
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7203
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TOKYO, Dec 11 (Reuters) - Japan's Nikkei share average fell
on Friday to post its first weekly fall in six, as uncertainties
over Brexit, U.S. stimulus and worries over surging COVID-19
cases at home sapped risk appetite.
The Nikkei share average .N225 shed 0.39% to close at
26,652.52, losing 0.37% for the week. The broader Topix .TOPX ,
however, ended 0.33% higher at 1.782.01 and notched up a 0.34%
weekly gain.
Japanese Prime Minister Yoshihide Suga said on Friday the
coronavirus situation in the country is tense, but added that he
was not thinking of suspending the government travel subsidy
programme. Denting sentiment further, British Prime Minister Boris
Johnson said there was "a strong possibility" Britain and the
European Union would fail to strike a trade deal. "With the Brexit deadline on Sunday, the market is curbed by
the uncertainties from it," said Takeo Kamai, head of execution
services at investment firm CLSA.
Near-term U.S. fiscal stimulus appears unlikely after
Democrat House Speaker Nancy Pelosi suggested wrangling over a
spending package and coronavirus aid could drag on through
Christmas. Nikkei heavyweight SoftBank Group 9984.T dropped 4.7%
after two days of massive gains that stemmed from a report of a
possible buyback of shares and the successful initial public
offering of DoorDash DASH.N . However, Toyota Motor 7203.T rose 4.6% as investors
welcomed the revamp of its Mirai hydrogen fuel cell car, at a
time when the government has stepped up measures to cut carbon
emissions. Nintendo 7974.T added 2.3% as rising COVID-19 infections
rekindled interest in shares that tend to benefit from tougher
social restrictions.
Advancers outnumbered decliners by a ratio of 2-1, supported
by hopes of economic recovery as COVID-19 vaccines look set to
be rolled out in many countries.

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