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Asian Stocks Edge Lower, Nikkei Down Over 1%

Asian Stocks Edge Lower, Nikkei Down Over 1%

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Tokyo shares opened sharply lower on Monday on a mixed lead from Wall Street as investors await US jobs data and a Bank of Japan business survey this week.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange fell 1.49 per cent, or 267.19 points, to 17,613.32 in the first minutes of trading.

The Japanese central bank is to release its quarterly Tankan report Thursday as markets remain edgy owing to concerns that an economic slowdown in China was hurting Japan's growth and uncertainty about US monetary policy.

"The quarterly Tankan survey is one of the only Japanese economic data that has the potential to move markets," Emma Lawson, senior currency strategist at National Australia Bank, said in a commentary.

"It is expected to be a little weaker," than in July, Lawson said.

Washington will release September unemployment figures Friday.

An improving labour market is a key factor supporting Federal Reserve chief Janet Yellen's plan to raise the near-zero federal funds rate this year.

Wall Street stocks finished mixed Friday, as markets lost early gains on the Volkswagen emissions scandal as well as the uncertainty about US monetary policy, weakening throughout the day after opening solidly higher.

The Dow Jones Industrial Average gained 0.70 per cent, while the tech-rich Nasdaq shed 1.01 per cent and the broad-based S&P 500 slipped 0.05 per cent.

In Japanese trade, electronics maker Sony fell 3.09 per cent to 3,010 yen, Suzuki lost 1.19 per cent to 3,729 yen, while market heavyweight Fast Retailing, operator of the Uniqlo clothing chain, was down 0.53 per cent at 46,550 yen.

On currency markets, the dollar fell to 120.34 yen from 120.49 yen Friday in New York.

The euro traded at $1.1203 and 134.81 yen compared with $1.1202 and 134.97 yen in US trade.

In China, Shanghai stocks dipped 0.22 per cent on Monday morning, tracking losses on Wall Street at the end of last week.

The benchmark Shanghai Composite Index fell 6.78 points to 3,085.57 in the first few minutes of trade.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, edged up 0.06 per cent, or 1.10 points, to 1,698.22.

Hong Kong's stock market is closed for a public holiday.

Financial markets in Hong Kong, Taiwan and South Korea are closed on Monday for public holidays.
 

Story first published on: September 28, 2015 07:50 (IST)

Tags: Asian Markets, Asian Stocks, Asia Market, China Stocks, Nikkei


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