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Tokyo stocks close lower for third straight session

Mar 07 2019 10:13

Tokyo stocks fell for a third consecutive session on Thursday, as investors fret about the outlook for the global economy.

The benchmark Nikkei 225 index lost 0.65% to close at 21 456.01 while the broader Topix index was down 0.84% at 1 601.66.

Sellers took the upper hand after losses on Wall Street fuelled by disappointing private jobs data, a lack of news on the China-US trade front and the Organisation for Economic Cooperation and Development's decision to cut its global growth forecast for 2019.

"High policy uncertainty, ongoing trade tensions and a further erosion of business and consumer confidence are all contributing to the slowdown," the OECD said in an interim version of its Economic Outlook.

Shinichi Yamamoto, broker at Okasan Securities in Tokyo, told AFP: "Players are not pessimistic but fresh positive elements are needed before trading returns to an upward path.

In individual share trading Nissan dropped 2.05% to ¥918.9 on concerns over model changeovers and its marketing strategy.

"The sun will rise again but it will take time," SMBC Nikko Securities said in a note as it lowered its investment guidance on the automaker.

Chipmaker Renesas tumbled 14.61% to ¥584 after announcing plans to temporarily halt production at several plants as Chinese demand flags.

Mizuho Financial Group dropped 1.54% to ¥172.5 after the major bank slashed its annual profit estimate.

Toyota fell 0.15% to ¥6 584 as reports said its European CEO had warned the firm could end production in Britain by 2023 if the country leaves the European Union without a deal.

The dollar was trading at ¥111.72 against ¥111.76 in New York late on Wednesday.

equities  |  markets  |  tokyo stocks
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