Japanese shares slip on coronavirus worries

Shimano

28/10/2020 03:10

TOKYO, Oct 28 (Reuters) - Japanese shares fell on Wednesday,
pulled down by worries that surging coronavirus cases in Europe
and the United States could further damage an already-battered
global economy.
    The benchmark Nikkei share average  .N225  fell 0.32% to
23,410.75, while the broader Topix  .TOPX  lost 0.61% to
1,607.61.
    All but four of the 33 sector sub-indexes on the Tokyo
exchange traded lower, with insurers  .IINSU.T , iron and steel
 .ISTEL.T  and miners  .IMING.T  declining the most.
    The local market is tracking the overnight weakness in U.S.
stocks as coronavirus infections are rising and U.S. lawmakers
have been struggling to reach agreement on a stimulus package,
said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS
Asset Management in Tokyo.
    U.S. President Donald Trump acknowledged on Tuesday a
coronavirus economic relief deal would likely come after the
Nov. 3 election.  urn:newsml:reuters.com:*:nL1N2HI13G
    A near 0.6% decline in U.S. stock futures in early Asian
trade also weighed on Japanese stocks.
    However, the market got some support from upbeat earnings
reports, with Shimano Inc  7309.T  soaring more than 15% after
the bicycle parts maker upgraded its forecast for annual
operating profit.
    Japan’s index of insurers  .IINSU.T , which rely on foreign
bonds for income, dipped more than 3.2% after U.S. Treasury
yields declined overnight on dwindling hopes for a U.S. stimulus
deal.
    T&D Holdings  8795.T  dipped 2.9%, while Dai-ichi Life
Holdings  8750.T  and Tokio Marine Holdings  8766.T  slipped
around 3.5% each.
    Shares of ANA Holdings  9202.T  were trading flat, having
risen as much as 4%, after the airline operator on Tuesday
unveiled its restructuring plans and forecast a record operating
loss of 505 billion yen for the year to March.  urn:newsml:reuters.com:*:nL1N2HI0E6

 (Reporting by Eimi Yamamitsu; Editing by Aditya Soni)
 ((eimi.yamamitsu@thomsonreuters.com;))