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Nikkei slips off 4-week high on caution over U.S.-China trade deal

Published 01/15/2020, 10:48 AM
Updated 01/15/2020, 10:56 AM
Nikkei slips off 4-week high on caution over U.S.-China trade deal
JP225
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TOPX
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6758
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9602
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9984
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7453
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9684
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TOKYO, Jan 15 (Reuters) - Japanese shares eased on Wednesday
after hitting a four-week high in the previous session, as
comments by a top U.S. official that current tariffs on Chinese
goods would stay for now made investors cautious ahead of the
signing of a preliminary trade deal.
The Nikkei share average .N225 fell 0.29% to 23,955.92,
retreating from a four-week high of 24,060 touched the previous
day, while the broader Topix .TOPX lost 0.42% to 1,733.23.
U.S. Treasury Secretary Steven Mnuchin and Trade
Representative Robert Lighthizer said there was no agreement in
place with China on further tariff reductions, taking the shine
out of market enthusiasm about the upcoming trade deal.
Many investors now look for the details of the deal, which
is slated to be signed at the White House at 11:30 a.m.
(1630GMT) on Wednesday.
Along with global shares, the Nikkei has rallied nearly 20%
from its August low on hopes of a truce in the tariff dispute.
Investors took profits from recent gainers such as Sony
6758.T and SoftBank 9984.T , which fell 1.2% and 0.9%
respectively.
Upcoming earnings announcements also pose another hurdle for
investors as the market's rally in the past few months has been
driven by a rise in P/E, rather than actual earnings.
Toho 9602.T fell 4.2% to become the top decliner on the
Nikkei after the film and entertainment company's earnings in
the three months to January fell short of investors' strong
expectations.
Ryohin Keikaku 7453.T fell 3.2% in heavy trade for a
second day after the operator of Muji brand shops cut its
earnings forecast due to a slump in South Korea and Hong Kong
businesses.
Square Enix Holdings 9684.T dropped 4.9% after the game
company announced a delay in the launch of a new game.
More Japanese companies will announce earnings next month.

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