Japanese shares fall on virus concerns, corporate earnings

  • Reuters
  • Stock Market News
Japanese shares fall on virus concerns, corporate earnings

TOKYO, July 10 (Reuters) - Japanese shares fell on Friday as a spike in fresh coronavirus cases at home and abroad fuelled concerns that the path to economic recovery could be hindered, while the market braced for corporate earnings pain.

The benchmark Nikkei share average .N225 fell 0.23% to 22,476.74 by the midday break, with 43 advancers on the index against 177 decliners.

In the broader market, Topix .TOPX dropped 0.63% to 1,547.37 by the recess, with all but two of the 33 sector sub-indexes on the Tokyo exchange trading in the red.

More than 60,500 new COVID-19 infections were reported across the United States on Thursday, the largest single-day tally record, stoking fears that new lockdowns could take a toll on the economic recovery. cyclical mining .IMING.T , securities brokerages .ISECU.T and real estate .IRLTY.T were the top three worst performers on the main bourse.

Fast Retailing Co 9983.T slipped 2.21% after Uniqlo owner lowered its outlook for the year as coronavirus-led store closures and weak consumer spending restrained the company's growth. futures for the S&P 500 EScv1 inched down 0.11%, which created an added headwind to the market.

Further losses, however, were offset by gains in tech-related stocks following a 0.53% overnight gain in Nasdaq, with Casio Computer Co 6952.T adding 2.68% and Nikkei heavyweight SoftBank Group Corp 9984.T rising 1.56%.

Bucking the overall losses, Sony Corp 6758.T gained 2.7% following media reports about the company making a $250 million strategic investment in Epic Games, the creator of “Fortnite”.

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