financetom
Market
financetom
/
Market
/
Japan's Nikkei drops 5% after Wall Street sell-off
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Japan's Nikkei drops 5% after Wall Street sell-off
Aug 1, 2024 7:13 PM

TOKYO, Aug 2 (Reuters) - Japan's Nikkei share average

tumbled 5% on Friday to hit a six-month low after Wall Street

slumped overnight on U.S. economic worries, while uncertainties

over the Japanese central bank's tightening path also weighed on

the market.

The Nikkei was down 4.7% at 36,333.21, as of 0128

GMT. Earlier in the day, it declined as much as 5% to hit its

lowest since Feb. 7.

The broader Topix was down 5.5% at 2,554.85.

U.S. stocks kicked off August sharply lower after a round of

economic data spurred concerns the economy may be slowing faster

than anticipated while the Federal Reserve maintains a

restrictive monetary policy.

"Momentum in the U.S. market turned negative overnight, with

concerns about recession rising. That weighed on Japanese

equities a lot today," said Yugo Tsuboi, chief strategist at

Daiwa Securities.

"In Japan, the market is uncertain about whether the BOJ

will raise interest rates again this year and by how much," said

Tsuboi, adding that higher rates could strengthen the yen and

that could hurt exporters.

Chip-making equipment maker Tokyo Electron ( TOELF ) tanked

12% to drag the Nikkei the most. Chip-testing equipment maker

Advantest ( ADTTF ) slipped 7%. Technology investor SoftBank

Group lost 6.8%.

All the 33 industry sub-indexes on the Tokyo Stock Exchange

fell, with financials sectors leading the losses. The brokerage

sector lost 11% and the banking sector fell

8.4%.

The Nikkei Volatility index was near 28%, its

highest since April 19.

(Reporting by Junko Fujita, additoinal reporting by Ankur

Banerjee; Editing by Subhranshu Sahu)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
This Analyst With 86% Accuracy Rate Sees Around 20% Upside In Booking Holdings - Here Are 5 Stock Picks For Last Week From Wall Street's Most Accurate Analysts
This Analyst With 86% Accuracy Rate Sees Around 20% Upside In Booking Holdings - Here Are 5 Stock Picks For Last Week From Wall Street's Most Accurate Analysts
Feb 23, 2025
U.S. stocks settled lower on Friday, with the Dow Jones index dipping more than 700 points during the session. The S&P 500 also fell 1.71% to 6,013.13, while the Nasdaq Composite declined 2.20% at 19,524.01 during Friday's session. Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records...
Wall St Week Ahead-Nvidia to offer AI trades reality check
Wall St Week Ahead-Nvidia to offer AI trades reality check
Feb 23, 2025
* Investors focus on Nvidia's ( NVDA ) guidance for chip supply and demand * Nvidia's ( NVDA ) market cap swing could reach $260 billion post-results in either direction * Nvidia's ( NVDA ) correlation with S&P 500 fell to 30% from 71% last year * By Carolina Mandl NEW YORK, Feb 21 (Reuters) - Nvidia's ( NVDA )...
Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Feb 22, 2025
NEW YORK (Reuters) - Berkshire Hathaway ( BRK/A ) on Saturday reported record annual profits and boosting its cash stake to $334.2 billion, as Warren Buffett used his annual shareholder letter to caution Washington to spend money wisely and take care of those who get the short straws in life. Buffett's admonition came as many investors worry U.S. lawmakers won't...
Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Feb 22, 2025
* Buffett says Uncle Sam should take care of less fortunate * Berkshire operating profit sets record * Annual meeting shortened By Jonathan Stempel NEW YORK, Feb 22 (Reuters) - Berkshire Hathaway ( BRK/A ) on Saturday reported record annual profits even while boosting its cash stake to $334.2 billion, as Warren Buffett used his annual shareholder letter to caution...
Copyright 2023-2025 - www.financetom.com All Rights Reserved